In just 17 days of 2024, Aliko Dangote, Africa’s wealthiest and most prominent business figure, has experienced a notable increase in his wealth, surging by $2.02 billion.
His net worth rose from $15.08 billion on January 1, 2024, to an impressive $17.1 billion by January 17, 2024, as per data compiled by the Bloomberg Billionaire Index at the close of market trade.
Dangote, at the helm of Dangote Industries, a conglomerate based in Lagos, Nigeria, boasts substantial holdings in Dangote Cement, the largest cement producer in sub-Saharan Africa.
The company, generating revenue of N1.5 trillion naira ($1.6 billion) in the 9 months ended September 2023, is diversified across sectors such as sugar, salt, oil, fertilizer, and packaged food.
The surge in Dangote’s net worth is primarily attributed to his commanding 86% stake in the publicly traded Dangote Cement, held both directly and through his conglomerate, Dangote Industries.
Notably, Dangote Group entities listed on the NGX have collectively witnessed a capital appreciation totaling approximately N2.49 trillion.
Dangote Cement has been a key contributor to this surge, amplifying its market capitalization by N2.26 trillion, followed by Dangote Sugar with an increase of N198 billion and NASCON with a rise of N33 billion.
Dangote Cement Plc emerges as a standout performer this year, experiencing a remarkable year-to-date appreciation of 41.5%.
The company initiated the year with a market capitalization of N5.45 trillion and a share price of N319.90.
However, as of the latest market trade, its share price has soared to N452.5 contributing to an augmented market capitalization of N7.71 trillion.
Dangote Sugar, despite a recent pullback in its stocks, has also enjoyed bullish sentiment on the NGX in 2024, witnessing a year-to-date appreciation of 28.6%.
The sugar manufacturer, starting the year with a market capitalization of N698.45 billion and a share price of N57.5, has seen its market capitalization rise to N890.36 billion, accompanied by a share price of N73.3.
Furthermore, Nascon Allied companies have recorded a notable uptick, with a market cap progressing from N143.06 billion at a share price of N54 on January 2, 2024, to N174.7 billion at a share price of N65.95 on January 17, 2024.
This financial prowess reflects Dangote’s strategic influence and the robust performance of his conglomerate’s diverse portfolio in the Nigerian market.
His most valuable closely held asset is a fertilizer plant with a capacity to produce up to 2.8 million tonnes of urea annually.
