Despite Dropping Down Billionaire List, Dangote Kicks off August Big after Making Over N7bn in 8 Hours
- Aliko Dangote has dropped down in world billionaire rich list after ranking so high in May
- The Month of July was a tough one for Dangote as he saw his wealth slashed by almost $1 billion
- Despite the drop, Dangote on Monday made over N7bn to kick off the month of August
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According to a new report, Africa's richest man, Aliko Dangote, has slid out of the top 60 richest persons in the world and is now ranked 73rd.
This is despite having made over N7.18 billion ($17.3 million) in the last 8 hours to begin the new month of August.
Just one month ago, Dangote was rated the 60th richest person in the world, with a net worth of $20 billion, only to see his value plunge.
Source: Facebook
According to Bloomberg as at Monday, August 1 Africa's richest man wealth is worth $19.8 billion but out of this only $3.5bn is in cash.
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Overview of Dangote's wealth
Africa's richest person controls Dangote Industries, a closely held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa's biggest cement producer, Dangote Cement, which had revenue of 1.38 trillion naira ($3.4 billion) in 2021.
He also has interests in sugar, salt, oil, fertilizer and packaged food.
The majority of Dangote's fortune is derived from his 86% stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.
Dangote's other publicly traded assets include stakes in Dangote Sugar, Nascon Allied Industries and United Bank for Africa. His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.
His most valuable closely held asset is a fertilizer plant with capacity to produce up to 2.8 million tonnes of urea annually. Its net value is based on a discounted cash flow analysis by KPMG. The valuation was confirmed by outside analysts.
A $19 billion oil refinery that is currently being developed in Nigeria isn't included in the valuation because it's not yet operational.
NNPC sets date for completion of Port Harcourt refinery
Legit.ng reported that Mele Kyari the Group Managing Director of the Nigeria National Petroleum Company (NNPC) has promised that the Port Harcourt refinery would be ready by March 2023.
He made the promise before the House of Representatives on the resumption of investigation on the state of the country’s refineries.
When asked, Kyari, who was represented by the General Manager, Refineries & Petrochemicals, Mustapha Yakubu reaffirmed to the lawmakers on the expected date of completion.
Source: Legit.ng
