Africa’s richest man Aliko Dangote has seen his net worth surpass $19 billion for the first time since the first week of September thanks to a single-digit increase in the share price of his main company, Dangote Cement Plc on the Nigerian Exchange on Wednesday.
Dangote’s net worth climbed by $800 million in a single day, from $18.3 billion at the start of business on Wed/, Nov. 23, to $19.1 billion, according to the Bloomberg Billionaires Index, which measures and compares the fortunes of the world’s 500 richest people.
The increase in his wealth figures above the $19-billion mark can be attributed to widespread optimism on the Nigerian Exchange on Wed., which saw shares in leading companies listed on the local exchange recover strongly after trading at record low levels between August and October.
Dangote Cement is Africa’s largest cement producer, with a 51.55-million-tonne-per-year production capacity spread across ten countries. Dangote owns 86 percent of the cement firm through his manufacturing company, Dangote Industries Limited.
As of press time on Nov. 24, Dangote Cement shares were trading at N262.3 ($0.592) per share, 9.98-percent higher than their starting price on the local exchange on Wednesday.
At the current price level, Dangote’s 86-percent stake in the cement company is worth $8.64 billion, consolidating his position not only as the richest man in Africa but also as the wealthiest Black businessperson in the world.
The recent increase in Dangote Cement shares comes roughly three days after the cement manufacturer announced plans to buy back up to 10 percent of its outstanding shares for N406 billion ($917 million).
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The shares that will be repurchased under the share buyback program using the group’s retained profits of N740.32 billion ($1.69 billion) may be held as treasury shares or canceled, resulting in a decrease in share capital.
Source: billionaires.africa
