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Richest Black man alive Aliko Dangote now worth over $20 billion, net worth up by +$2.4 billion in 2021

So far this year, his personal net worth is up 13.6 percent, an average gain of $7.66 million per day.

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Aliko Dangote, Africa's wealthiest man.

The richest Black man alive, Aliko Dangote, has seen his net worth surge above the $20-billion mark for the first time in seven years, as his personal wealth rebounded strongly to the $20.2-billion valuation recorded in November 2014.

Data retrieved by Billionaires.Africa revealed that, since the start of the year, his net worth has increased from $17.8 billion to $20.2 billion as of the close of business yesterday.

So far this year, his personal wealth is up by more than $2.42 billion, or 13.6 percent, which translates to an average gain of $7.66 million per day for the billionaire. 

The year-to-date increase in his net worth can be linked to the revaluation of his manufacturing conglomerate, Dangote Group, and a surge in the valuation of his cement business.

The last time the Nigerian billionaire was worth this much was 2014, when his net worth fell from over $25 billion to $16.3 billion as a result of the decline in the value of the naira against the dollar and a slump in the value of his shares in his flagship company, Dangote Cement.

Since the start of the year, the market capitalization of Dangote Cement, Africa’s largest cement manufacturer, has increased from N4.17 trillion ($10.14 billion) to N4.77 trillion ($11.59 billion). 

This translates to a market cap increase of N598.12 billion ($1.45 billion).

Aside from Dangote, South Africa’s richest man, Johann Rupert is the only African billionaire who has seen his personal wealth rise by more than $2.4 billion since the beginning of the year. 

Rupert’s net worth is currently estimated at 10.6 billion.

The billionaire is currently constructing a $19-billion petroleum refinery through his leading manufacturing conglomerate Dangote Group, which will have a capacity of 650,000 barrels of oil per day.

In addition, he closely holds a $2.5-billion urea fertilizer plant that is in the early stages of production.

The plant is expected to manufacture 3 million metric tonnes of urea per annum and generate $400 million in annual foreign exchange from exports to African countries.

Since the start of the year, Dangote’s cement business has reported a revenue of N1.022 trillion ($2.49 billion), up from the revenue of N761.44 billion ($1.85 billion) reported in the corresponding period of 2020.

Meanwhile, profit increased by 33.3 percent from N208.7 billion ($508.1 million) in 2020 to N278.3 billion ($677.6 million) in 2021.

East Africa

Aga Khan IV-backed Jubilee to receive $2.27 million from sale of Mauritian insurance subsidiary

Jubilee Holdings is a Kenyan investment holding company.

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Aga Khan IV.

Jubilee Holdings is on course to pocket a total of Ksh270 million ($2.26 million) from the sale of a 54.15-percent stake in its Mauritian subsidiary Jubilee Insurance Company of Mauritius Limited to Allianz SE.

Alliansz SE is a German multinational financial services company headquartered in Munich.

The transaction is the fifth to be concluded under a 2020 agreement in which Allianz began the process of purchasing majority stakes in Jubilee’s general insurance units in five countries, including Mauritius.

“We expect to close the Mauritius transaction in September… For Jubilee, the total consideration is Sh270 million,” Nizar Juma, chairman of Jubilee Holdings, said, setting the timeline for the $2.26-million deal with the German multinational insurer.

Jubilee Holdings is a Kenyan investment holding company with active operations and investments in Kenya, Uganda, Tanzania, Burundi, and Mauritius. It owns 88.15 percent of Jubilee Insurance Company of Mauritius Limited.

Shah Karim al-Husayni, also known as Aga Khan IV, is best known for founding Nation Media Group, Africa’s largest independent media organization. Through the Aga Khan Fund for Economic Development, he owns 37.98 percent of Jubilee Holdings and 11.85 percent of its Mauritian subsidiary.

According to BusinessDaily, Allianz will purchase additional shares from Aga Khan IV, who will sell his 11.85-percent stake in the Mauritian subsidiary as part of the deal.

With the deal expected to close next month, Jubilee Holdings will see its ownership interest drop to 34 percent as part of its partial divestiture in its general insurance businesses, which follows the sale of similar assets in Kenya, Uganda, Tanzania, and Burundi.

Over two months ago, Jubilee received Ksh1.4 billion ($11.7 million) from the sale of a majority stake in its Tanzanian general insurance business to Allianz.

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Nigerian billionaire Femi Otedola gains $12.7 million from stake in FBNH

FBNH is one of Nigeria’s largest financial services conglomerates.

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Femi Otedola. ©Billionaires.Africa

Nigerian billionaire Femi Otedola’s stake in the country’s oldest commercial bank, First Bank of Nigeria Holdings Plc (FBNH), has risen by more than $12 million in recent months, as shares in the financial services group rebounded strongly after falling below key levels.

According to data tracked by Billionaires.Africa, Otedola’s stake in FBNH has increased in value by N5.34 billion ($12.7 million) in the past 54 days, as investors continued to cherry-pick stakes in the commercial banking group after its price fell below N9 ($0.0214) in June.

FBNH is one of Nigeria’s largest financial services conglomerates. It is the non-operating holding company of First Bank of Nigeria Limited, the country’s oldest commercial bank, with active operations in 10 countries.

According to a flurry of trading updates published on the Nigerian Stock Exchange in June, Otedola sold 664,939,764 shares in four separate transactions, reducing his stake in the Nigerian lender from 2,717,282,140 shares, or 7.57 percent, to 2,052,342,376 shares, or 5.72 percent.

Shares in the financial group have increased by 31 percent since June 21, nearly 54 days ago, from N8.4 ($0.02) to N11 ($0.026) at the time of writing, amid renewed buying interest in the bank’s shares on the local bourse.

As a result of the double-digit increase in the shares of FBNH, the market value of Otedola’s 5.72 percent stake in FBNH has increased by N5.34 billion ($12.73 million), from N17.24 billion ($41.12 million) on June 21 to N22.58 billion ($53.85 million) at the time of writing this report.

The recent gains in his stake follow a dividend of N951.05 million ($2.29 million) from his equity stake in the financial services group that he received earlier this year.

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Egyptian billionaire Yasseen Mansour gains $1.86 million in 74 days from Palm Hills stake

Mansou owns a sizable 5.6-percent stake in the Cairo-based real estate firm.

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Egyptian billionaire Yasseen Mansour. ©Billionaires.Africa

Egyptian billionaire Yasseen Mansour has recorded a EGP35.6-million ($1.86 million) boost in his net worth in the past 74 days, as shares in Palm Hills Development increased by nearly 19 percent in reaction to the company’s recently released first-quarter results.

Palm Hills Development, an operating subsidiary of Egypt’s largest conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities.

Mansour, the chairman of Palm Hills Development and one of Egypt’s and Africa’s wealthiest individuals, owns a sizable 5.6-percent stake in the Cairo-based real estate firm.

The Egyptian real estate developer revealed that its profit increased by more than 40 percent in the first quarter of 2022, from EGP217.4 million ($11.36 million) in the first quarter of 2021 to EGP305.8 million ($16 million), owing to sustained growth in demand for properties in Egypt.

As a result of the firm’s strong financial performance, investors on the Egyptian Stock Exchange increased their buying interest in Palm Hills shares, resulting in an 18.6-percent increase in the firm’s stock price from EGP1.13 ($0.059) on June 1 to EGP1.34 ($0.07) on Aug. 14.

Mansour’s 5.6-percent stake in Palm Hills Development has increased in value over the past 74 days, from EGP191.94 million ($10 million) to EGP227.6 million ($11.89 million) at the time of writing.

This equates to a total gain of EGP35.6 million ($1.86 million) for the Egyptian billionaire, who ranks as one of the wealthiest men on the African continent, alongside his brothers Mohamed Mansour and Youssef Mansour, both of whom own Mansour Group and Palm Hills Development.

His net worth is estimated at $1.1 billion, making him one of Africa’s wealthiest businessmen.

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