Dangote Makes N17.83m Per Minutes in the First three Weeks of January 2022, Now Almost As Wealthy as Senegal
- Aliko Dangote, Africa's richest man wealth is on the rise again and now makes N17.8 million every minutes since the start of 2022
- Is current wealth level is now approaching the entire Gross Domestic Product of Senegal based on world bank data
- Dangote Cement is currently the most capitalized company on the Nigerian Exchange Limited and drives massive gains to Dangote
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Aliko Dangot's wealth is on course to see greater boost in 2022 after amassing so much in 2021 almost to the best he has in recent years.
According to Bloomberg Dangote, in the first three weeks of 2022 ending January 21 has made N539.43bn($1.3bn). When calculated per minutes this is about N17.83m so far in 2022.
The financial media company reports that Dangote's wealth closed on Friday, January 2021 at $20.4 billion and it is now almost the the value of the economy of the entire nation of Senegal, which the World Bank estimates to have a gross domestic product of $24.9 billion.
Source: Getty Images
Why is Dangote's wealth on the rise
Dangote owes the latest rise in its fortune to the execution of the second tranche of the share buyback of his cement firm this week, which investors are betting will lift the valuation of the company further.
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Dangote Cement has so far yielded 11 per cent since the turn of the year, firming up its reputation as Nigeria’s biggest company by market value at a market capitalisation of N4.9 trillion as of Friday.
It contributes roughly half of Dangote’s wealth, reaching its peak level of N265.7 per share since 2010 on Friday.
Bloomberg reported, is among the 35 billionaires of the top 100 in the world that recorded an increase in their wealth in January.
More money
Dangote’s wealth is on course to see a much greater boost later in 2022 when his $19 billion petroleum refinery project is expected to be delivered.
The 650,000 barrels per day capacity refinery is said to be the largest single-train refinery in the world and is located on a vast expanse of land, about six times the size of Victoria Island.
Closed the year at the top
Legit.ng reports that Aliko Dangote, the richest man in Africa, is on track to close the year at the richest level he has ever been since 2014 buoyed by the second straight year of gains at his cement unit.
The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index.
The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index.
Source: Legit.ng
