Dangote becomes $6.9bn richer, rejoins world’s top 100 billionaires list

Aliko Dangote, the president of Dangote Group, has rejoined the 100 richest people in the world with a total net worth of $22 billion.

Last year, the billionaire was ranked 111th and was the only Nigerian to be on the top 500 billionaire list with a wealth of $15.6 billion.

According to the latest Bloomberg Billionaires Index, the business mogul remains the richest man in Africa, gaining $6.93 billion year-to-date.

Dangote as of the time of this report recorded $20.9 million to his wealth in the last 24 hours and currently holds the 83rd position on the list.

The index also shows that the billionaire is currently the only Nigerian and African on the list of the top 100 billionaires.

The last time Dangote was listed in the top 100 was in 2022 when he occupied the 63rd position.

“The majority of Dangote’s fortune is derived from his 86% stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries,” Bloomberg said.

“Dangote’s other publicly traded assets include stakes in Dangote Sugar, Nascon Allied Industries and United Bank for Africa. His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.

“His most valuable closely held asset is a fertilizer plant with capacity to produce up to 2.8 million tonnes of urea annually. Its net value is based on a discounted cash flow analysis by KPMG. The valuation was confirmed by outside analysts.”

The rise in Dangote’s fortune comes amid the recent increase in the market value of his cement company and biggest asset, climbing over N11 trillion on January 23, 2024.

The firm, a subsidiary of Dangote Industries Limited, was the first to cross the N10 trillion market capitalisation threshold.

Dangote Cement’s market valuation had doubled in less than a month from N5.45 trillion on December 29, 2023, to N11.84 trillion on January 26, 2024.

The bullish run was extended after reports circulated on January 19 that Femi Otedola, a power and financial services investor, had acquired an undisclosed amount of shares in Dangote Cement.