By Biyi Lawrence
Aliko Dangote’s net worth soared by an impressive $769 million within a mere 24-hour span, propelling his wealth to over $21 billion.
The billionaire businessman jumped nine places to rank 75th richest person in the world from the 84th position on Tuesday, 30 May, following his meteoric rise in fortune.
According to the Bloomberg Billionaires Index, Dangote’s net worth surged from $20.4 billion to $21.2 billion, catapulting him to the 75th spot from his previous ranking of 81st.
This tremendous leap in wealth is a direct result of the bullish pressures witnessed in the Nigerian Equities market—a move which cements his position as Africa’s richest man.
On 30 May, the Nigerian Exchange saw an impressive rally, with stocks surging by N1.5 trillion ($3.2 billion) in a single day.
This remarkable performance was driven by President Bola Ahmed Tinubu’s promising inaugural speech, which unveiled a series of policies aimed at addressing critical issues plaguing the Nigerian economy.
Investors responded positively to the president’s proposed measures, resulting in a significant increase in the share prices of Dangote Cement, Dangote Sugar, and Nascon Allied Industries—companies predominantly owned by Aliko Dangote.
In a single trading session, these stocks recorded gains of 7.4 percent, 9.5 percent, and 9.42 percent, respectively, on the local bourse.
Consequently, the market value of Dangote’s stakes in Dangote Cement, Dangote Sugar, and Nascon Allied Industries Plc reached staggering figures of $9.82 billion, $414 million, and $59.8 million, respectively.
This surge in asset values contributed to Dangote’s overall net worth surge, pushing it to an unprecedented height of $21.2 billion, and cementing his position as Africa’s richest man.
With year-to-date gains of $2.49 billion, he outpaces his closest rival, South African billionaire Johann Rupert, who trails behind with $2.27 billion in wealth gains.
Uche Madubuogu, a financial analyst and banker, told Briefly News that the Dangote Refinery could catapult him among the top 20 wealthiest men on earth.
Madubuogu said: “We will not be shocked to see his wealth surge when the refinery begins to ship products by August.”
According to him, the refinery holds an enormous promise to revitalize the Nigerian energy industry, especially the petrol import problem Nigeria has faced.
“It will help Nigeria reduce dependence on imported petroleum drops. It might help eliminate petrol import,” he said. (source: voiceofnaija). NNL.
