
Aliko Dangote loses $800 million amid fresh naira weakness
This comes despite global interest in his $20 billion Dangote Oil Refinery, one of Africa’s most ambitious projects.
This comes despite global interest in his $20 billion Dangote Oil Refinery, one of Africa’s most ambitious projects.
Dangote's empire thrives on diversification, with investments spanning cement, sugar, and oil refining, ensuring stability and long-term growth amid economic fluctuations.
With a production capacity of 2,000 tonnes per day, the new plant is expected to create hundreds of jobs for Burkina Faso’s youth.
Aliko Dangote plans to build Nigeria’s largest seaport at the Olokola Free Trade Zone and resume work on a delayed 6-million-ton cement plant in Ogun.
Inside Africa’s richest man’s payday from his cement empire, Dangote Cement Plc.
Revenue from its Nigerian unit rose from N1.29 trillion ($860.6 million) to N2.19 trillion ($1.46 billion), helped by higher cement prices.
The move is expected to double the facility’s annual capacity to 5 million tonnes, strengthening Dangote Cement Plc’s position as Africa’s leading cement manufacturer.
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 day.
His 86 percent stake in Dangote Cement has taken a hit, with shares dropping from $0.31 at the start of the year to $0.25.
The partnership is set to address the surging demand for CNG, driven by Dangote’s vast fleet and an expanding base of Auto CNG users nationwide.
Pan-African operations drive growth; profit margins remain steady despite rising costs.
The move adds to the foundation’s recent efforts to alleviate economic hardships and address critical social issues in Nigeria.
The decline follows a brief uptick in April fueled by the Central Bank of Nigeria’s (CBN) efforts to address a backlog of dollar obligations, which strengthened the naira.
In the first quarter of 2024, Dangote Cement’s Nigerian operations shipped a total of 178,000 tonnes of clinker to Cameroon and Ghana.
This investment follows Otedola’s return to the Forbes Africa’s Richest List, where he now boasts an estimated net worth of $1.2 billion.
Dangote Cement’s remarkable financial performance and ability to sustain profit growth solidify its position as a top player in the African cement industry.