Dangote Makes Over N9bn on His Birthday, Gets New Ranking in World’s Billionaire List
- Today is the 68th birthday of Aliko Dangote, the richest man in Africa and an industrialist who has touched many lives
- Forbes reports that on his birthday, his net worth increased by over N9 billion after hours of trading
- Dangote's newfound wealth has also helped him climb the world ranking, regaining the 80th position
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
On his birthday, Nigerian business mogul and Africa's richest man, Aliko Dangote's net worth has increased again.
According to data from Forbes, Dangote's wealth jumped by $6 million ( over N9.53 billion) on Thursday, April 10.
Source: Getty Images
Dangote is now worth $23.5 billion and ranks as the 80th richest man in the world, moving one place from 82nd.
Dangote celebrates birthday
Africa’s richest man, Dangote, turned 68 on Thursday, marking the milestone as his vast industrial empire continues to shape Nigeria’s economy and the entire continent’s manufacturing landscape.
Born in 1957 in Kano, northern Nigeria, Dangote was raised by his grandfather after losing his father at the age of eight.
Bloomberg reports that his entrepreneurial roots run deep as his great-grandfather was one of West Africa’s wealthiest men, trading in kola nuts and groundnuts.
After earning a business degree from Al Azhar University in Cairo in 1977, Dangote returned to Nigeria and began trading cement with a loan from his uncle.
Four years later, in 1981, he founded what would later become Dangote Group, now one of Africa’s largest and most influential conglomerates.
Over the decades, Dangote transformed his company from a commodity trading business into a manufacturing powerhouse.
Source: Facebook
A pivotal trip to Brazil in 1996 inspired him to shift from imports to local production, seeing an opportunity to meet the growing demands of Nigeria’s population.
The transition bore fruit. Dangote now controls Dangote Industries Ltd., a closely held Lagos-based conglomerate with interests in cement, sugar, salt, packaged food, fertilizer and petroleum.
The group’s flagship company, Dangote Cement, is sub-Saharan Africa’s largest cement producer and one of Nigeria’s most valuable publicly traded firms.
Dangote launched operations at the $20 billion Dangote Oil Refinery, Africa’s largest, in which he owns a 92.3 percent stake.
Nigeria is betting on the refinery to reduce Nigeria’s dependence on imported fuel.
Dangote also owns a major fertilizer plant with a 2.8 million-tonne annual capacity, and holds significant stakes in listed companies such as Dangote Sugar, Nascon Allied Industries and United Bank for Africa.
Dangote slashes petrol price
Dangote Petroleum Refinery and Petrochemicals has announced the reduction of its ex-depot (gantry) loading cost of petrol to N865 per litre.
The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday, April 9, 2024.
Filling stations, especially those with special agreements with the Dangote Refinery, are now expected to reduce prices.
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Source: Legit.ng
