African billionaire, Aliko Dangote, had a net worth of $13.9 billion in January 2022, which reconfirmed him as the wealthiest man on the continent. In less than six months, his net worth went up by billions, according to Bloomberg, to $19.2 billion.
Things, however, took a turn for the worse when his net worth fell within ten days in the second quarter of 2022. This dropped him from 67th to 68th place on the Bloomberg Billionaires Index.
Africa’s richest man <strong>Aliko Dangote</strong> Launches the Continent’s Largest <strong>Fertilizer Plant</strong>
How Dangote’s wealth dropped by $700 million
Due to the major sell-off of shares in Dangote’s cement company, Aliko Dangote experienced a plunge in wealth and a reduction in the company’s share price on the Nigerian Stock Exchange.
With this, his net worth dropped from $21 billion to $20.3 billion, accounting for a loss of $700 million. Dangote Cement contributes roughly half of Dangote’s fortune, and with the crash, the business magnate has fallen to 70th place on the world billionaires list.
The company’s share price, which plummeted from N300 ($0.7226) to N277 ($0.667), was worsened by local investors who reduced the value of the shares.
Despite this, Aliko Dangote remains the richest man in Africa and one of the few lots whose fortune surged by more than $1 billion in 2022.
His cement firm, which operates in ten countries, has a manufacturing capacity of 51.55 million tonnes per year.
Future projection to bounce back
Given his stakes in the newly established fertiliser factory and the Dangote Refinery, which plans to begin operations in 2023, Dangote is likely to take back his place among the top 60 billionaires.
To keep the refinery project on pace, Dangote Industries Limited (DIL) is launching a $750 million local bond program to help fund the refinery and petrochemical plant’s completion. Under the planned program, DIL’s subsidiaries, Dangote Oil Refining Company Limited (DORC) and Dangote Fertiliser Limited (DFL), will be co-obligors.