Aliko Dangote Net Worth Surged $1.1B In A Day

Africa’s richest man, Aliko Dangote added $1.1 billion to his net worth on the 9th of November 2021, pushing his current net worth to $20.2 billion. Data from the Bloomberg billionaire index revealed that Dangote’s net worth year-to-date has surged by $2.43 billion or 13.6 percent.

He’s currently ranked 96th on Bloomberg’s billionaire index.

Dangote is the major shareholder of Dangote cement, the biggest cement producing company in sub-Saharan Africa. It was reported that Dangote’s wealth is derived from his 86 percent equity stake in Dangote Cement.

A breakdown of his net worth revealed that he has $3.5 billion in cash. His cash holding is based on an analysis of dividends, taxes, insider transactions and other expenditures.

Dangote’s other publicly traded assets include stakes of $9.90 billion in Dangote Cement, $362 million in Dangote Sugar, $59.8 in NASCON Nigeria, and $297 thousand in United Bank For Africa.

His private assets span across $100 million in Free zone Land, $200 million in Lagos Real Estate, $575 million on OML 71 and 72, $5.15 billion on fertilizer plant, 302 million in Dangote industries companies and $45 Million in Private plane.

Aliko Dangote’s Biography

The richest man in Africa was born on the 4th of October, 1957 in Kano State, Nigeria. In 1977 he obtained a higher degree education at Al-Azhar University in Cairo where he studied business administration. He further bagged two doctorate degrees from Coventry University and the University of Ibadan.

Following his graduation from Al-Azhar University in Cairo, Dangote obtained a loan from his uncle to start his cement trading business. In 1981 he formed Dangote cement trading company which is now known as Dangote group.

He later diversified his operations to include trading sugar, flour, fish, rice, milk and iron. In 1999, Dangote shifted the company’s focus from trading to manufacturing, believing that it will be more profitable to create a local operation that would meet the consumer needs of Nigeria’s ever-growing population.

Dangote began building salt and sugar refineries, flour mills and a pasta factory in 1999, he expand his operations by buying Benue Cement Co. from the federal government of Nigeria. In 2003, he commissioned the largest cement facility in sub-Saharan Africa, Obajana Cement Plant located in Kogi state.

In 2010, Dangote Cement was listed on the Nigerian Stock Exchange now Nigeria Exchange Group (NXG)

Today, Dangote Group’s main publicly traded businesses are Dangote Cement, Dangote Sugar, and Nascon Allied Industries, which make up about one-third of the market capitalization of the Nigerian Exchange Group.

The oil refinery currently under construction in Nigeria valued at $19 billion isn’t included in the valuation because operations are yet to commence.