Dangote Makes $575 Million in One Day as Adenuga Loses $2.7 Billion
- Aliko Dangote earned close to $600 million on the Forbes list on Monday, July 10, 2023
- The rise follows the bullish demand for the shares of Dangote Cement, which traded at N330.1 per share on the floor of the Nigerian Stock Exchange
- Mike Adenuga, on the other hand, saw his wealth decline to $3.6 billion after losing $2.7 billion
Nigeria’s richest man, Aliko Dangote, has earned close to $600 million in one day following the surging demand for stocks of Dangote Cement on the floor of the Nigerian Stock Exchange.
Forbes reports that the billionaire businessman recorded the feat on Monday, July 10, 2023, following the bullish demand for Dangote Cement stocks.
Source: Getty Images
Dangote Cement shares surges
Dangote’s net worth now stands at 10.5 billion on the Forbes list, representing a 5.8% increase in wealth in the last 24 hours.
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Dangote Cement surged in price following the company's announcement of a share buyback.
The company’s share buyback program involves the purchase of up to 168,735,593 fully paid-up ordinary shares, representing 1% of the currently issued shares.
The shares of the cement company opened trading at N330.1 per share.
Adenuga's wealth declines
Meanwhile, one of Nigeria’s wealthiest men, Mike Adenuga, has seen his fortune plummet to $3.6 billion.
The Chairman of Conoil and Globacom CEO has experienced a significant decline in net worth due mainly to the unification of Nigeria’s currency.
According to reports, the Glo boss’ wealth declined from the initial $6.3 billion recorded in January.
Dangote remains Africa's richest on Bloomberg list
Dangote, however, gained about $415 million on Bloomberg Billionaire Index in one day and moved four places in the ranking to 109 from 112 on Monday, July 10, 2023.
Dangote remains Africa’s richest man on the Bloomberg Billionaire Index, with an estimated net worth of $16.1 billion.
Adenuga is not listed on the Bloomberg Billionaire Index.
Dangote rated Africa’s richest man with $15.6 billion, gains $20.7 million in 24 hours
Legit.ng reported that the President of the Dangote Group, Aliko Dangote, remains Africa’s richest man, despite the naira devaluation against the dollar which has eroded most stocks’ values in Nigeria.
According to Bloomberg, Dangote has a total net worth of $15.6 billion and is Africa’s richest man.
Source: Legit.ng
