Africa’s richest man Aliko Dangote is swiftly recovering from his $3.6 billion wealth setback in 2023. In just 17 days of 2024, he has already regained over $2 billion, thanks to the bullish trends on the Nigerian Exchange, elevating the market value of all his listed companies.
According to the Bloomberg Billionaires Index, which monitors the fortunes of the world’s richest individuals, Dangote’s wealth has surged by $2.02 billion in the past 17 days. This reinforces his status as one of the globe’s wealthiest individuals.
Starting the year at $15.1 billion, his net worth now stands at $17.1 billion, bouncing back from the significant $3.6-billion loss suffered in 2023, which reversed the commendable gains of 2022.
This recent resurgence has positioned him as the 110th richest person globally, inching him closer to rejoining the exclusive group of the world’s top 100 billionaires. Dangote had exited this prestigious list in October 2023.
From cement to salt, Dangote’s portfolio booms: Shares surge, net worth tops $17 billion
The surge in Dangote’s fortune — which has seen his net worth surpass the $17-billion mark — is linked to the strong performance of shares in all his listed businesses, including Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc. Even his shares in Jaiz Bank and United Bank for Africa have experienced significant growth this year.
Since the start of 2024, shares in his flagship company, Dangote Cement, have risen by 41.45 percent, climbing from N319.9 ($0.357) on Jan. 1 to N452.5 ($0.505). As a result, the market value of his 86 percent stake in the leading cement manufacturer now exceeds $7.2 billion.
Reflecting the broader positive market trend, the stock prices of his sugar business, Dangote Sugar Refinery, and his salt and savory business, NASCON Allied Industries, have increased by 27.5 percent and 22.8 percent, respectively. This surge has elevated his 72.7 percent stake in Dangote Sugar Refinery to a current valuation of $798 million, while his 66.5 percent stake in NASCON Allied is presently valued at $132 million.
Diesel and aviation fuel flow: Dangote Oil Refinery reshapes Nigeria’s energy landscape
Dangote’s listed companies and net worth experienced a boost as his $20-billion Dangote Oil Refinery officially started producing diesel and aviation fuel this month. Inaugurated in May 2023, the refinery holds the title of the world’s largest single-train refinery, with a daily capacity of 650,000 barrels.
Among the seven oil marketers registered for fuel distribution in Nigeria is MRS Oil Nigeria Plc, majority-owned by his half-brother Sayyu Dantata. These oil marketers, affiliated with the Major Oil Marketers Association of Nigeria (MOMAN), include Conoil Plc, led by telecom and oil billionaire Mike Adenuga, 11 Plc, OVH Energy Marketing, Total Nigeria Plc, NNPC Retail, and Ardova Plc (formerly owned by Femi Otedola).