Dangote Gains $575 Million Within 24 Hours

Aliko Dangote, Africa’s second richest man, has gained an estimated $575 million within 24 hours.

The Forbes billionaire index reported the gain by the influential Nigerian business tycoon.

With a net worth of $10.5 billion, the 66-year-old billionaire has shown a 5.82% increase in wealth within the last 24 hours.

This morning, Dangote’s net worth was around $9.8 billion.

The report claimed that this boost can be attributed to the 10% gain in shares of Dangote Cement Plc during today’s trading session.

This follows the announcement of the company’s commencement of the Tranche I share buyback program.

Dangote Cement’s share buyback program involves the repurchase of up to 168,735,593 fully paid-up ordinary shares. It represents 1% of the currently issued shares.

The shares of Dangote Cement opened trading at N330.1 per share, marking a 52-week high.

Early this year, his diversified conglomerate, with interests in cement, sugar, salt, flour, oil, and gas, gained $504 million from the stock market.

Sequel to this, Dangote’s net worth increased from $4.9 billion as of December 31, 2022, to $5.4 billion as of June 30, 2023.

This growth was primarily driven by the 10% rise in shares of Dangote Cement Plc in the first half of the year.

Dangote’s holdings include Dangote Cement, Dangote Sugar, and NASCON. He owns 85% of publicly traded Dangote Cement through a holding company.

Dangote Cement operates in 10 African countries and can produce 48.6 million metric tons annually.

Previously, Dangote held the title of Africa’s richest man for 12 years before South African billionaire Johann Rupert surpassed him.

Today, according to Forbes Magazine’s Real-time Global Billionaires Ranking, Rupert boasts a net worth of $11.6 billion.