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Nigeria and Africa’s richest man, Aliko Dangote, has seen his wealth balloon in the last 72 hours.
The cement merchant is now worth $20.5 billion after earning $358 million, about N2427.4 billion, on Friday, April 14, 2023, thanks to the stellar performance of his cement business.
The cement merchant is now worth $20.5 billion after earning $358 million, about N2427.4 billion, on Friday, April 14, 2023, thanks to the stellar performance of his cement business.
The Nigerian billionaire has also moved up two places on the Bloomberg Billionaire Index ranking from 84th richest man in the world to 82.
Dangote has his cement company, Dangote Cement, to thank for his steady rise in fortune.
According to reports, Dangote told shareholders of his firm that despite the challenging macroeconomic climate in 2022, the Company made serious strides, performed creditably well, and is still Africa’s leading cement maker.
During the 14 Annual General Meeting of the Company, Dangote said that in the face of incredible challenges in the past year, the Company executed robust reduction strategies to mitigate inflationary pressures, thereby enhancing its competitiveness and maintaining a high level of product quality and customer satisfaction.
Dangote said:
“In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased our trucks’ use of Compressed Natural Gas (CNG) due to the rising diesel cost environment.
As of Friday, April 14, 2023, the share price of the cement company traded at N270 per share.
The Kano-born billionaire has remained Nigeria and Africa’s richest man for the 12th year in a row and is distantly followed by the Chairman of BUA Group, Abdul Samad Rabiu, in Nigeria with a net worth of $7bn
