[NIGERIA] Africa’s richest man adds $769 million to fortune in 24 hours; net worth surpasses $21 billion

 

Africa’s richest man Aliko Dangote continues his meteoric rise in fortune as his net worth soared by an impressive $769 million within a mere 24-hour span, propelling his wealth to over $21 billion.

The Nigerian billionaire’s recent windfall can be attributed to the bullish forces sweeping the Nigerian Exchange, where his publicly listed companies have experienced substantial market value gains.

According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s top 500 billionaires, 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 May 30, the Nigerian Exchange saw an impressive rally, with stocks surging by N1.5 trillion [$3.2 billion] in a single day.

The 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 and — 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.

Notably, Dangote’s remarkable wealth accumulation in 2023 places him at the forefront of Africa’s billionaire elite.

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.

Dangote’s continued ascent in wealth signifies not only his personal success but also serves as a testament to the positive developments in the Nigerian economy.

As Africa’s richest man, his financial achievements inspire confidence and contribute to the overall growth and prosperity of the continent.