Dangote’s net-worth hits $20-billion, joining elite rank of world’s billionaires

Africa’s richest man Aliko Dangote has seen his net worth soar past the $20-billion mark thanks to the recent revaluation of his private assets. The surge in wealth makes him the 82nd richest man in the world and the world’s richest Black billionaire.

Dangote, the founder of Dangote Group, Africa’s most diversified manufacturing conglomerate, has experienced a $1.77-billion increase in his net worth since the start of the year, from $18.7 billion to $20.5 billion, according to data tracked by the Bloomberg Billionaires index.

The recent surge in his net worth comes off the back of his private assets in Dangote Industries Limited and the bump in the market value of his stake in Dangote Cement Plc, his cement company.

Dangote, one of Africa’s most successful billionaires, has not only witnessed a substantial increase in his net worth but also continues to receive impressive dividends from the companies he founded.

On Fri., April 14, Dangote received a staggering dividend of N295 billion ($640.6 million) from his Dangote Cement following an impressive performance in its 2022 fiscal year.

The dividend, which was paid into his bank accounts directly from Dangote Cement’s retained earnings of N969.48 billion ($2.1 billion) as of Dec. 31, 2022, is higher than the annual government expenditures of African countries such as Rwanda, Burkina Faso, and Malawi.

During Dangote Cement’s 14th Annual General Meeting held in Lagos on Friday, Dangote revealed that the cement company, which ranks as Africa’s largest cement producer, will continue to unlock higher returns and value for its shareholders and stakeholders.

He added that the prospects for the cement company remain bright, and the management will continue to innovate on quality products’ delivery to millions of its customers across Africa while touching the lives of its host communities.

Dangote’s wealth has grown considerably since he founded the Dangote Group in 1981, which now operates in over ten countries across Africa.

The group is involved in several industries, including cement, sugar, and flour, and is renowned for its commitment to sustainability, poverty alleviation, and job creation across the continent.

source: Billionaires