Dangote Net Worth: Aliko Dangote, Africa’s richest man, has seen his net worth drop to $15.9 billion.
According to Bloomberg’s billionaire tracker, Africa’s richest man, Aliko Dangote, saw his fortune soar to $15.9 billion as of December 14, 2020.
This is slightly less than the $16.5 billion (year-to-date) high reached in late November when stocks were at their highest, and it is the first time it has fallen below $16 billion in a month. Due to profit-taking by domestic investors, stocks have dropped in December after reaching a year high last month.
Dangote Cement, his flagship firm, saw its share price rise to as high as N205 per share in November before falling to about N188 per share in December due to a market correction.
The billionaire, on the other hand, has a lot to be happy about, as his wealth has increased significantly from $1.09 billion a year earlier when stocks were on the decline and the market value of his investments in cement, oil, and consumer goods like flour and sugar suffered.
Dangote was born into a wealthy family of merchants in northern Nigeria, and at the age of 21, he started his own business selling cement. In the 1990s, he moved into the construction materials industry, aided by government policies that enabled Africa’s largest economy to become more export-driven.
What you should know: Dangote Industries, Africa’s largest cement firm, is controlled by the 63-year-old Nigerian-born entrepreneur.
He is said to be worth more than 8.75 million troy ounces of gold or 316 million barrels of crude oil at the moment.
The Dangote conglomerate is a leading Nigerian conglomerate that owns Dangote Cement, a well-known cement business with $2.5 billion in sales in 2019. Fertilizer, sugar, salt, oil, and processed food are among its other strongholds.
Dangote is currently constructing Nigeria’s largest-ever industrial plant, which will include a distillation column that will separate Brent crude into various hydrocarbon chains at various temperatures.
The refinery, which can handle 650,000 barrels per day, is part of a $15 billion petrochemical complex that will also include a gas processor and the world’s largest plant for ammonia and urea, which is used to make fertilizers and plastics.
Remember that the Dangote Group declared around a month ago that its $2 billion Granulated Urea Fertilizer Plant in Ibeju Lekki, Lagos state, will begin operations before the end of December.
The fertilizer plant’s take-off is said to be the world’s biggest, with a capacity of 3 million tonnes per year.