How Africa’a richest man Aliko Dangote got $1.5B richer in November

FACE2FACE AFRICA December 19, 2022
Aliko Dangote

In November 2022, one of the wealthiest individuals in Africa experienced a net worth increase of $1.5 billion, following a significant $200 million gain in October. Aliko Dangote is the 81st-richest man in the world, with a $19.1 billion net worth.

According to the Bloomberg Billionaires Index, which measures and compares the fortunes of the 500 richest people in the world, his net worth climbed by $1.5 billion in November. In the first few months of 2022, this prevented losses of $611 million, which is a pretty impressive feat.

The increase in wealth revealed in November is attributed to the rise in Dangote Cement Plc stock prices, which had a positive profit following several months of poor performances. Many people were impressed by the performance of this affiliate of Dangote companies and the profit it brought as a whole.

Aliko Dangote’s 86 per cent ownership of Dangote Cement, worth $8.64 billion, contributed significantly to his riches. His expanding wealth is also due to his $5 billion fertilizer factory, which can generate up to 2.8 million metric tonnes of urea yearly.

The Nigerian billionaire joined Abdul Samad Rabiu, who has seen a considerable boost in his fortune this year, with the billion-dollar increase in net worth that erased his year-to-date wealth loss of $611 million at the beginning of the month.

Aliko Dangote stated that as he continues to strategically invest in his sugar industry in compliance with the objectives of the Nigeria Sugar Master Plan, his investment will create 300,000 jobs for Nigeria. The Dangote Group, the big economic empire which deals mainly in industrial and food products is the most valuable company in West Africa and one of Nigeria’s top private employers.

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How Aliko Dangote started his company from scratch will always inspire many entrepreneurs. He borrowed $3,000 from his uncle shortly after receiving his college degree at 21 to import and sell food products in Nigeria. He was successful and was able to pay back the debt in full within three months of operations. But Dangote did not just settle for selling local commodities; he had his eyes set on something bigger- building a global corporation- and he has carried on to become one of the greatest African success stories of today’s generation.

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