Dangote outperforms Bill Gates, others as he crosses US$20bn mark
AfricA’s richest man, Aliko Dangote has kicked off the year on a good note. While starting the year off as the continent’s second richest man, he quickly regained his status as Africa’s richest person.
And as the month rounds off Dangote’s net worth has crossed another significant milestone, with the Nigerian billionaire outperforming some of the world’s most prominent business folks.
Philanthropist and business tycoon, Aliko Dangote recently experienced a significant jump in his net worth. According to Bloomberg’s realtime billionaire index, the CEO of the profound Dangote group has crossed the US$20 billion mark.
The index showed that Dangote’s last change in valuation came in at +US$282 million, while his year-to-date (YTD) change is a staggering +US$6,91 billion.
for context, Dangote’s YTD gain trumps Jeff Bezos’s whose year to date (YTD) change in the period under review is +4,92 billion, Warren Buffet’s whose YTD change is +US$6,31 billion, and Bill Gates’s YTD change which came in at +US$1,62 billion.
Dangote began the year with US$9,5 billion as Africa’s second richest man, behind south Africa’s Johann rupert, who at the time was worth US$10,3 billion.
However, as the month ran on, Dangote’s billion-dollar net worth crossed the double-digit mark, flat-lining at around US$14 billion, which firmly re-established his status as the continent’s richest person.
However, as the month ends, Dangote has yet again hit another significant milestone, crossing the US$20 billion mark.
This dramatic rise in net worth is attributed to the impressive performance of the Dangote cement company which surpassed the N10 trillion market cap, standing as the first Nigerian company to do so.
The cement company was able to draw in his fellow Nigerian billionaire, femi Otedola who acquired a significant amount of shares in the company.
With a market capitalisation of N10,09 trillion, Dangote cement is now Nigeria’s largest firm, surpassing Airtel Africa, which is valued at N7,5 trillion.
Additionally Dangote’s newly built oil refinery has also drawn in a lot of investors who have staked significant funds on the prospect of the refinery dominating Africa’s oil network. currently, an estimated 150 000 stations have already secured the rights to distribute petroleum products distilled in the billionaire’s refinery.
The US$20,5 billion Dangote refinery, Africa’s largest, has a processing capacity of 650 000 barrels per day. it aims to produce 250,000 barrels per day of gasoline and 100 000 barrels per day of gasoline and diesel. These outputs could contribute to fuel self-sufficiency and reduce the US$26 billion spent on petroleum imports in 2022.
With a capacity to generate 27 million litres of diesel, the Dangote refinery is set to also supply 11 million litres of kerosene, and 9 million litres of jet fuel, sourcing crude from various producers in Nigeria, including the Nigerian National Petroleum corporation (NNPC).
Just yesterday, it was reported that another Nigerian billionaire experienced a significant jump in his net worth. Abdulsamad rabiu, the founder of the BUA Group, overtook Mike Adenuga, to become the
He currently stands as the fourth richest person on the continent with a net worth of $8,6 billion, as of today according to Bloomberg, compared to US$8,2 billion reported yesterday by forbes.
This $8,6 billion is an impressive jump from US$5,9 billion which he began the year with. His YTD change according to the Bloomberg billionaire index is +US$4,58 billion. — Bloomberg.