In the business world, Nigerian-born Africa’s richest man, Aliko Dangote’s diligence and passion for success are enviably notable.
Despite his predilection for living his life on a very low key, making it hard to demystify the secrets to his success over the years, the billionaire mogul continues to influence many people with his record-breaking investments, especially in the cement industry where he has become the largest producer on the African continent.
About 10 years ago, Dangote shattered the record as the first African in modern history to lay claim to a $20 billion fortune when the market capitalization of his cement business crossed the $20 billion market cap mark. A decade later, Dangote is also about to set a new record as the first African and Black person in history to lay claim to a $30 billion fortune.
Spotlight learnt that as Dangote’s $19 billion 650,000 barrel-per-day petroleum refinery nears completion and is slated to be commissioned before the end of the first quarter of 2023, this could give a shot in the arm to the tycoon’s fortune. The state-of-the-art facility will not only enhance the refining capacity of Nigeria but also strengthen the country’s position as a major player in the global oil and petrochemical industry.
The billionaire, it was learnt, plans to list the Refinery and Petrochemical behemoth by the first quarter of 2024 at a market capitalization of anywhere between $20 billion and $25 billion. Dangote is expected to own a 90 percent stake in the company pre-listing, which could give a minimum $18 billion boost to his fortune and push his net worth well above the $30 billion mark, making him the first black billionaire to reach this milestone. Spotlight learnt the business mogul already has other refining projects coming up in other Africa countries.
The Kano-born billionaire —who is presently worth $19.1 billion— ranks as the world’s 82nd richest man. He derives the bulk of his net worth from his 86 per cent stake in publicly-traded Dangote Cement, as well as from other holdings in salt and sugar manufacturing companies, among other assets.
