Aliko Dangote the richest man in Africa just got richer
Africa’s richest man, Aliko Dangote, has maintained dominance in the top spot of Africa’s 1% for the better decade.
Aliko Dangote’s wealth which comes from numerous large-scale business ventures remains afloat annually, owing to the businessman’s ability to explore and scale.
Dangote’s hands are far-reaching in Africa’s economic landscape, from building factories across the continent to venturing into new products and markets, and even creating a monopoly, this business mogul does anything in his power to stay ahead of the pack, and this year has been no different.
Dangote’s businesses throughout the year have had their ups and downs, mostly downs, but the billionaire maintains a constant, that he simply can’t go below.
While market shares and other factors influence the rapid fall and the rapid rise of his stock value, Dangote runs an enterprise that is well-equipped to absorb even the most devastating shocks to the economy.
The past few months for the Nigerian billionaire have demonstrated the aforementioned fact. Despite the rising interest and inflation rates, the Dangote group ran at a profit which added more billions to Dangote’s already massive net worth.
The billionaire saw an increase of $1.5 billion in his net worth last month, however, he fell ten spots down on the list. Bloomberg currently has him at the 81st spot, from his previous 71st spot in its billionaire index ranking in October. See the list here. He is currently worth $19.1 billion.
This rise in profit, despite a $611 million loss in the first ten months of the year can be attributed to higher revenue margins in his cement and fertilizer plants.
Particularly, an 86% stake in Dangote Cement, which is currently valued at $8.64 billion, can be attributed to the recent revenue growth. In just one day Dangote cement recorded N332 billion in trade value.
His fertilizer plant can produce up to 2.8 million metric tons of urea a year, valued at $5 billion, and is responsible for some measure of his current valuation.
There is also the fact that he won back the rights to operate one of his biggest factories in Nigeria from the Kogi state government which had been seized prior.