Aliko Dangote, the richest man in Africa, witnessed a $100 million increase in his net worth in June despite the mixed results of his publicly traded businesses.
Dangote’s net worth climbed from $20.3 billion to $20.4 billion between the start of business on June 1 and the close of business on June 30, according to statistics from the Bloomberg Billionaires Index.
Aliko Dangote’s net worth increased by $100 million in June after falling by $300 million in May because of investors who sold their shares in his flagship business, Dangote Cement, in an effort to protect their wealth after the cement producer’s stock price soared to an all-time high of N300 ($0.72) per share on May 19.
With the increase in his net worth, his total wealth gains for the year have reached $1.32 billion, making him one of the few billionaires in the world to have recorded significant wealth gains despite recent stock market dips.
The Nigerian billionaire, who recently opened the largest granulated urea fertilizer complex on the continent, has received a total dividend of $725.2 million this year from his publicly traded businesses, a significant increase from the $639.5 million he received last year.
In order to finance the completion of his $19 billion integrated refineries and petrochemical complex, Dangote Oil Refinery, Aliko Dangote opened an application through his manufacturing conglomerate Dangote Industries Limited to raise up to $723 million in medium-term debt funding from Nigerian investors.
When the pipeline infrastructure for the refinery is finished in the first half of 2023, it will first process 540,000 barrels of Nigerian oil per day, growing to 650,000 barrels per day thereafter.
In addition, the refinery will generate 3 billion standard cubic feet of gas per day, 15 million liters of diesel, and 65 million liters of premium motor spirits each day.