Dangote Hits $22 Billion in Net Worth, Earns More than Bill Gates in January
- Aliko Dangote's wealth has risen to $22 billion in less than three weeks
- The development came in the aftermath of the stellar performance of Dangote Cement on the Nigerian Exchange
- Dangote earned more than Microsoft founder Bill Gates in January despite ranking higher
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Africa's wealthiest man, Aliko Dangote, has seen his net worth rise to $22 billion, experiencing the fastest increase in years.
Data from the Bloomberg Billionaire Index shows that Dangote earned over $1 billion on Tuesday, January 23, 2024, and $282 million on Wednesday, January 24, 2024, as the share price of Dangote Cement continued its bullish run at the Nigeria Exchange Limited.
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Dangote Cement hits N10 trillion in market cap
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The market capitalization of Dangote Cement hit N10 trillion on Monday, January 22, 2024, becoming the first Nigerian company to achieve the feat on the Nigerian Exchange, Legit.ng reported.
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The development comes as billionaire and Nigeria's fourth richest man, Femi Otedola, made a significant share acquisition of the Dangote Cement.
The cement company closed trading with an N10.098 trillion cap after gaining N917, following a 9.99% increase in its stock on Monday, January 22, 2024.
The company ended 2023 with a market cap of N5.451 trillion.
The firm's share price closed on Monday, January 22, 2024, at N590.60 per unit.
Dangote Cement displaced Airtel Africa as the most capitalised stock on the NGX.
Regarding capital gains, Africa's biggest cement producer's investors have seen an 85.25% rise in their investment.
Dangote Cement share rise after Otedola's investment
After acquiring the company's shares, Otedola said his action was the potential of Dangote Cement to earn Forex and its compliance with Environmental, social, and Governance principles, making it an ideal investment for him.
Otedola said:
"Dangote Cement's unique position with two export terminals offers a substantial opportunity to earn foreign Exchange, which is crucial for Nigeria's economy. This, along with the company's pan-African presence, makes it an ideal investment choice.
"Dangote Cement's strong corporate governance and impressive ESG compliance track record make it an ideal investment choice. It represents the type of company that contributes to Nigeria's industrial strength and aligns with my vision for ethical and sustainable business practices."
The chairman of Geregu Power said the cement company's track record of dividend payments and its commitment to sustainable business were his significant attractions.
According to Otedola, he focuses on long-term wealth preservation and ensuring shareholders are the greatest beneficiaries of a company's success.
PUNCH reports that as of February 2023, Dangote Industries Limited held 85.8% stake in the cement firm.
Dangote outearns Bill Gates in January
Dangote has earned over $6 billion in the last 25 days since January 2024, rising from 122nd position to 82nd in just over three weeks.
The Nigerian businessman has outearned Microsoft founder Bill Gates, who earned about $1.6 billion in January.
The American billionaire and philanthropist is worth $142 billion and is ranked the world's fourth wealthiest individual.
Dangote gets new position as net worth nears $20bn
Legit.ng reported that Nigeria’s richest man, Aliko Dangote, has risen among the world’s wealthiest, beating 406 billionaires around the world, according to a recent ranking by the Bloomberg Billionaire Index.
The Nigerian billionaire’s wealth quickly accelerated in the last seven days, thanks to the outstanding performance of his cement company, Dangote Cement.
Dangote Cement has had a bullish run in the last few days, rising from N319 per share to N538.80.
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Source: Legit.ng
