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Africa’s wealthiest individual, Aliko Dangote has reclaimed his position among the world’s top 100 billionaires, according to the latest update from Bloomberg’s Billionaires Index.
The recent surge in his fortune is attributed to the sustained increase in the market value of his diverse portfolio, particularly in his sugar enterprise and salt and savory venture, driven by the anticipation surrounding the merger of these entities with Dangote Rice.
The Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 richest billionaires, revealed that Dangote’s net worth has surged by $400 million over the past month, bringing his total wealth to $17.4 billion.
This places him firmly in the 99th spot on the global list, right behind Savitri Jindal, India’s richest woman, who occupies the 98th position with a net worth of $17.7 billion.
This financial resurgence comes after a dip in Dangote’s net worth on June 25, when it slipped below $15.1 billion. Since then, he has witnessed a remarkable increase of $2.3 billion, underscoring his standing as Africa’s richest individual and the richest Black person globally.
The majority of Dangote’s wealth is anchored in his 86-percent stake in Dangote Cement, Africa’s largest cement producer.
However, recent gains in the shares of Dangote Sugar Refinery, his sugar enterprise, and NASCON Allied Industries Plc, his salt and savory venture, have been especially noteworthy, largely driven by the buzz surrounding their merger with Dangote Rice, his rice business.
The consolidation of these businesses, presently in progress, is anticipated to bring about significant changes in the food and consumer goods sectors, opening up new avenues for growth. The conglomerate emerging from this consolidation will boast an extensive product lineup that includes sugar, rice, salt, vegetable oil, tomato paste, seasonings, and other savory products.
As of the time of reporting, Dangote Sugar Refinery boasts a market capitalization of N735 billion ($971 million), while NASCON Allied Industries’ market capitalization stands at N147.3 billion ($194.6 million). These figures underscore the substantial value and potential of Dangote’s diversified business empire in the global market.
Aliko Dangote’s resurgence among the world’s richest billionaires solidifies his position as a global business titan and highlights the prospects of African entrepreneurship and investment on the international stage. His remarkable journey from local entrepreneur to global billionaire inspires and captivates the world.
