Money Moves January 25, 2022 at 09:00 am

Dangote: Africa’s richest man sees wealth jump $1.3 billion in January

Abu Mubarik January 25, 2022 at 09:00 am

January 25, 2022 at 09:00 am | Money Moves

Founder and Chief Executive of the Dangote Group Aliko Dangote gestures during an interview with Reuters in his office in Lagos, Nigeria, June 13, 2012. To match Insight NIGERIA-FOREX/DANGOTE REUTERS/Akintunde Akinleye/File Photo - RTX2HPTG

Aliko Dangote saw his wealth grow by $1.3 billion in January, putting his fortune at $20.4 billion, nearly the GDP of Senegal ($24.9 billion). The growth of his wealth comes on the back of a surge in the share prices of his cement company.

Bloomberg reports that Dangote Cement “closed at the highest since 2010 on Friday, adding to the 11% gain in 2022 compared with 7.59% by the main board of the Lagos-based Nigerian exchange.”

Dangote Cement contributes to nearly half of the entrepreneur’s net worth. Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa, according to Forbes.

The Nigerian billionaire is among the 35 billionaires of the top 100 in the world that recorded an increase in their wealth in January. Dangote, who is also the world’s richest Black man, will see a major surge in his wealth upon the completion of a $19 billion refinery project scheduled to start operations this year.

According to Bloomberg, the refinery will process about 650,000 barrels of crude a day, enough to meet all the domestic fuel needs of Africa’s largest crude producer, while also boosting exports.

In 2016, Dangote Industries Limited (DIL) bought Twister B.V., a Dutch company that delivers high-yield solutions in natural gas processing. Twister has over the years proven successful in developing capabilities that augment production and streamline processes in gas production.

Later in December of 2019, Dangote’s refinery in Nigeria took delivery of the world’s largest single crude distillation column. The column was built by engineers in China.

Dangote’s business empire cuts across almost all sectors of the Nigerian economy while his story is often regarded as the best example of the potential within Africa. He was born into a family of wealthy traders from northern Nigeria some 64 years ago.

Dangote’s grandfather, Alhassan Dantata, traded mainly in kola nuts and groundnuts. But Dantata was also one of the wealthiest men in the British West African colonies.

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