Dangote’s wealth grows by $2.3 billion this year

Aliko Dangote, the richest man in Africa, is on track to close the year at the richest level he has ever been since 2014 buoyed by the second straight year of gains at his cement unit.

The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index.

Dangote Cement, MTN shareholders cash out big, firms lead best-paying dividend organisations in 2021 The highest his wealth has touched on the bloomberg index was $26.7 billion in June 2014.

According to Bloomberg, robust cement demand and rising prices of construction material in Nigeria have helped boost the revenue of Dangote Cement.

Dangote Cement is Africa’s richest man’s main asset. Since the start of 2021, the value of Dangote Cement shares has increased by 24.49% from N224.90 per share on Monday, January 4 to 280 as at Friday, December 3, 2021.

Dangote cement is not only the most valuable company on the Nigerian exchange it is also one of the largest employers of Labour in the country.

Other sources for wealth Bloomberg also noted that Dangote is also poised to complete a $19 billion refinery that has the capacity to more than meet Nigeria’s fuel demand, which is currently met by imports.

Dangote, this year, also started exporting fertilizer to the U.S. and Brazil after the completion of a plant with a capacity to produce 3 million tons of urea and ammonia annually./