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Dangote makes N460bn in 24hrs, overtakes 4 billionaires

Africa’s richest man and Chairman of Dangote Group, Mr Aliko Dangote, raked in N460 billion in one day and in the process, overtook two Russians, one Chinese and an Indian on the billionaires’ list on Monday.

According to Bloomberg Billionaire Index, Dangote has remained Africa’s richest man for 12 consecutive years, with a net worth of $19.7 billion.

The dazzling fortune came from increased demand for Dangote Cement in Africa and it created an opportunity not only to fatten his account by $100 million but displace fellow billionaires.

Dangote maintains a majority share at his Cement company, following the company’s announcement of a significant share buyback two weeks ago.

Dangote Cement’s share price has maintained a good run at the Nigerian Stock Exchange, trading at N288 per share.

He is ranked 83rd on the billionaire index, ahead of two Russians, Alexey Mordashov and Alisher Usmanov.

The quiet billionaire dropped two positions as he was ranked 81st on the table but lost over N13 billion last week. He also maintains a clear lead ahead of the Chinese consumer retailer, Chuan-Fu and Indian commodities billionaire Lakshmi Mittal.


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