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How Aliko Dangote Gets $1.3b Richer Through Cement Share Price – Bloomberg

African richest man has added $1.3 billion to his financial global worth when the share price in his eponymously named cement company skyrocketed earlier this month.

According to a new report from Bloomberg, Africa’s richest man — and the world’s richest Black man — saw his fortune jump by another $1.3 billion after the share price in his eponymously named cement company skyrocketed earlier this month.

The outlet confirms that Dangote Cement, PLC, “closed at the highest since 2010 on Friday, adding to the 11 per cent gain in 2022 compared with 7.59 per cent by the main board of the Lagos-based Nigerian exchange. The Lagos-based company recently completed a share buyback to boost value.”

That meant Dangote’s net worth jumped to more than $20 billion on the strength of those share increases.

What’s more, the outlet confirmed that Aliko Dangote is one of 35 Bloomberg-indexed — that is, verified — billionaires that saw their fortunes grow exponentially in January 2022.

And now, Dangote’s wealth is expected to continue to grow when his proposed oil refinery finally opens up and begins operations this year. The project, which cost $19 billion, is set to not only cover all of Africa’s crude oil needs but also increase exports and growth. And it goes without saying that this new refinery will create jobs and stimulate the economy.

Forbes reports that Aliko Dangote’s real-time net worth, as of this writing, is $14.5 billion. As the CEO of the Dangote Group, Dangote owns 85 per cent of the publicly-traded Dangote Cement through a holding company. Additionally, as AfroTech previously reported, Aliko Dangote has investments in salt and sugar refineries.

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