Table of Contents
Key Points
- After an $800 million drop earlier this year, Aliko Dangote's fortune has surged to $28.2 billion, driven by a rally in Dangote Cement shares.
- Dangote Cement shares have surged nearly 25% since mid-January, pushing the market value of Dangote’s 86% stake from $3.65 billion to $4.6 billion.
- The Lagos-based refinery is operating at 85% and could reach full capacity within 30 days, despite ongoing crude supply challenges.
After seeing his net worth drop by more than $800 million earlier this year, Africa’s richest man, Aliko Dangote, is bouncing back. His fortune is now approaching the $30 billion mark, according to the Bloomberg Billionaires Index.
A surge in the market value of his stake in Dangote Cement, Africa’s largest cement maker, has added $800 million to his wealth in just three days, lifting it from $27.4 billion on Feb. 11 to $28.2 billion. This rebound follows a rough start to the year.
Dangote’s net worth rises on stock recovery
In January, Dangote’s net worth declined by $845 million to $27.2 billion after a sell-off in Dangote Cement shares. Some investors on the Nigerian Exchange (NGX) exited their positions, dragging the stock down and putting pressure on his fortune.
But February has brought renewed confidence. Bargain hunters on the Nigerian Exchange (NGX) have been snapping up shares of the cement giant, driving its stock price up nearly 25 percent since mid-January.
Shares have climbed from N387.9 ($0.257) on Jan. 15 to N480 ($0.318), boosting the market value of Dangote’s 86 percent stake in the company from $3.65 billion to $4.6 billion.
Dangote’s net worth hits $28.2 billion
Now worth $28.2 billion, Dangote ranks as the world’s 65th richest person, according to Bloomberg’s real-time billionaires index. He remains the wealthiest Black person globally and Africa’s richest man, ahead of South African luxury tycoon Johann Rupert, who leads Swiss luxury goods giant Richemont.
Despite the recent uptick in his cement holdings, the bulk of Dangote’s wealth comes from his 92.3 percent stake in the $20 billion Dangote Oil Refinery, Africa’s largest refining operation. His share is valued at $18.6 billion. The refinery is moving closer to full capacity as it works to compete with European suppliers, though securing enough local crude remains a challenge.
Dangote Refinery targets full capacity soon
Edwin Devakumar, head of the refinery, said earlier this week that the Lagos-based facility is operating at 85 percent and could reach full capacity within 30 days. This follows last month’s announcement of plans to build eight new crude storage tanks to increase supply security. Four of the new tanks are nearing completion, which will expand the refinery’s storage capacity by 41.67 percent to 3.4 billion liters.
While crude supply issues persist, the refinery has already made its mark on international markets. It is exporting diesel and aviation fuel to Cameroon, Angola, Ghana, and South Africa, with plans to expand into Angola’s refining sector and grow cement production in the country. In a sign of its growing global reach, the refinery recently shipped jet fuel to Saudi Aramco, the world’s largest oil producer, valued at more than $1.7 trillion.
