Billionaire Aliko Dangote Sees Massive Gain in First Week of 2024 as Wealth Increases by $106m
- Nigeria's richest man and billionaire investor, Aliko Dangote, has gained over $100 million in just a few days in 2024
- This comes after a report that the billionaire experienced a $3.6 billion decline in 2023 due to naira devaluation.
- The spike in his wealth could be associated with the strong performance of his companies listed on the NGX
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market
In the first week of 2024, Nigerian billionaire Aliko Dangote gained over $100 million, bringing his net worth to over $15 billion after a $3.6 billion decline in 2023.
Source: UGC
Legit.ng had reported that Africa's Aliko Dangote, the Chairman of Dangote Industries Plc, is starting the new year impressively.
The spike is attributed to the strong performance of his diverse investment portfolio on the Nigerian Exchange (NGX).
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Billionaire. Africa reported that this had been fueled by a bullish market attitude that moved the local exchange's all-share index closer to the 80,000 points milestone.
The Bloomberg Billionaires Index reported that Dangote's wealth rose from $15.1 billion at the beginning of 2024 to $15.2 billion when this report was written.
The $106 million gain in Dangote's net worth this year is attributed to the success of his NGX investments.
Dangote's strategic stakeholdings in important Nigerian enterprises are the foundation of his financial comeback.
He owns an 86% share in his leading company, Dangote Cement, a 72.7% investment in Dangote Sugar Refinery and a 66.5% stake in NASCON Allied Plc, a salt processing company.
His current holdings in NASCON Allied Plc and Dangote Sugar Refinery are valued at $108 million and $624 million, respectively.
His estimated ownership position in Africa's largest cement manufacturer, Dangote Cement, is valued at $5.59 billion.
Forbes lists Dangote as the second richest man in Africa with a net worth of $10.1 billion, while Bloomberg lists him as the richest man in Africa with a net worth of $15.2 billion.
Dangote, 2 Other Nigerian Billionaires Shine on List of Top 10 African Billionaires in 2024
Legit.ng reported that Some African billionaires have already begun the year 2024 on a stellar note.
South African billionaire Johann Rupert began 2024 as Africa's richest man on the Forbes list, toppling Nigerian billionaire Aliko Dangote, Legit.ng reported.
According to Forbes, Rupert's net worth surged to $10.3 billion, higher than Dangote's $9.5 billion as of Tuesday, January 2, 2023.
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Source: Legit.ng
