Africa’s richest man Aliko Dangote gains $7.11 billion in January 2024

Omokolade Ajayi -

After a tough 2023, during which his net worth dropped by $3.6 billion, Aliko Dangote, the richest person in Nigeria and Africa, experienced a notable rebound in January 2024. His net worth surged by $7.11 billion, securing him a top spot among the world’s biggest gainers since the start of the year.

Dangote, the founder of Dangote Group and majority shareholder of Africa’s largest cement manufacturer, Dangote Cement Plc, experienced a noteworthy boost in his net worth in the first month of 2024. According to the Bloomberg Billionaires Index, his wealth surged from $15.1 billion on Jan. 1 to $22.2 billion on Jan. 31, marking a $7.11-billion increase.

Dangote’s fortune skyrockets amidst Nigerian Exchange boom

This remarkable uptick in Dangote’s fortune is attributed to the positive market sentiment on the Nigerian Exchange. The bullish market has notably elevated the market value of his stakes in publicly listed businesses, particularly his 86-percent ownership in Dangote Cement Plc.

Additionally, his stakes in Dangote Sugar Refinery and NASCON Allied Industries, representing his ventures in sugar and salt, have also seen substantial growth since the beginning of the year.

In January, Dangote Cement shares soared by more than 130 percent, rising from N319.9 ($0.267) on Jan. 1 to N763 ($0.639) on Jan. 31. This surge boosted Dangote’s 86-percent stake in the company to $12.4 billion, a major chunk of his $22.2 billion fortune. As a result, he’s now ranked as the world’s 81st richest person and the richest Black individual globally.

Dangote Cement shares surge amid billionaire Femi Otedola’s strategic investment

This upswing in Dangote Cement shares aligns with Nigerian billionaire Femi Otedola’s strategic investment in the company. Otedola’s decision reflects his confidence in Dangote Cement’s capacity to generate foreign exchange for Nigeria and his dedication to supporting businesses that contribute to the country’s economic resilience.

Otedola emphasized Dangote Cement’s unique position with two export terminals, presenting a significant opportunity to earn foreign exchange crucial for Nigeria’s economy. He added that the recent expansion of Dangote Cement, including the inauguration of a new six-million-tonne plant in Itori, Ogun State, not only enhances its export capacity but also underscores its role in contributing to Nigeria’s economic diversification.