The Kano State Executive Council, an executive council in Nigeria’s north, has renamed Kano University of Science and Technology after Nigerian billionaire Aliko Dangote, who is Africa’s richest man.
Kano State Governor Abdullahi Ganduje renamed the university after the Forbes-listed tycoon over the weekend, stating that the decision was based on recommendations from the university’s leadership. As a result, it will be known as Aliko Dangote University of Science and Technology.
Muhammad Garba, the state’s commissioner for information, explained that the approval has been forwarded to the Kano State House of Assembly, which will study the relevant laws establishing the university and make any necessary changes.
Former Governor Ibrahim Shekarau renamed the university after Aminu Dantata near the end of his tenure. However, when Rabiu Kwankwaso was re-elected governor of the state in 2011, he reversed the decision.
Dangote, chairman of Dangote Group, Africa’s most diversified manufacturing conglomerate, has seen his net worth rise by more than $1.88 billion since the start of the year, from $19.1 billion on Jan. 1 to $21 billion at the time of writing.
The increase in his net worth can be attributed to investor reactions to Dangote Cement’s strong performance in the first quarter of 2021, which drove its share price to an all-time high of N297 ($0.7153) today.
The leading businessman recently finalized a $700-million local bond program to help fund the completion of his $19-billion integrated refinery and petrochemical plant.
The news follows media reports that the Nigerian billionaire has exhausted all funding options for his 650,000-barrel-per-day integrated refinery project in the Lekki Free Zone near Lagos, Nigeria.
