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Dangote Adds N1.5bn to his wealth in 8 hours as President Buhari commissions $2.5bn fertilizer plant
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Dangote Adds N1.5bn to his wealth in 8 hours as President Buhari commissions $2.5bn fertilizer plant

by  Dave Ibemere 2 min read
  • Dangote keeps making money and it will get even better following the commissioning of Africa's biggest fertiliser plants
  • The fertiliser plant is the biggest in Africa and it is coming at a time when the price is at a record high
  • A few hours after the opening a new report shows, Dangote made over N1.5 billion and now sits as the 82 richest man in the world

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Today, Tuesday, March 22 is all good news for Aliko Dangote Africa's richest man.

A few hours after opening a 3-million-tonne fertilizer plant built at a cost of $2.5 billion, the latest data from the Bloomberg index shows Dangote's wealth jumped by N1.5 billion in a few hours.

Dangote's new fertiliser plant is coming at a time the war in Ukraine has driven up prices for natural gas, a key ingredient for making urea.

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Dangote Closes Becomes N1.5bn Richer in 8 Hours as President Buhari Commissions $2.5bn Fertilizer Plant
Workers make adjustments to metal pipework at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site. Credit: Tom Saater/Bloomberg via Getty Images
Source: Getty Images

Reuters reports that Dangote during the opening commissioned by President Muhammdu Buhari said exports from the plant will go to Brazil, which relies heavily on Russia for imports of fertilizer. Shipments will also go to the United States, India and Mexico.

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More money for Dangote

The plant is located at the Lekki Free Zone in Lagos State will supply all the major markets in sub-Saharan Africa.

With the Central Bank of Nigeria barring the use of its foreign exchange for fertiliser imports as part of a raft of controls aimed at boosting domestic production, it means Nigerian farmers will rely more on the fertiliser plant.

Competitors

It is not all Dangote as Notore-agro-allied and chemicals business located in Rivers has the capacity to produce 500,000 metric tonnes per annum of urea.

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More trouble for federal government as Russia sells cheap crude oil to Nigeria's biggest customer, India

There is also Singapore-owned Indorama Eleme Petrochemicals Ltd, which plans to double its annual output of urea fertilizer to 2.8 million tonnes.

Zenith, Gtbank lead list of Nigeria's most valuable banks in January

Meanwhile Legit.ng in an earlier report revealed that Zenith Bank is starting 2022 as the most valuable commercial bank in Nigeria as the total value of Nigerian bank closed at N194.5 billion.

In second-most valuable bank is Guaranty Trust Bank followed by Stanbic IBTC Holdings to complete the top three most valuable banks.

Also, the aggregate market cap of all the banks under review went up by N46.6 billion to stand at N3.84 trillion.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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