Aliko Dangote, Africa’s richest person has witnessed a significant increase in his fortune despite the economic hardship faced by the nation because of the naira scarcity. The African business mogul saw a $541 million increase in his net worth, taking him from $18.7 at the beginning of the year, to $19.2 billion.
This significant increase which solidifies his position as the richest person in Africa comes at a time when the nation that houses most of Dangote’s businesses, struggles with economic hardship.
The economic hardship necessitated by the Central Bank of Nigeria(CBN) naira redesign policy has massively affected businesses, as Nigerians battle with cash shortages and an overwhelmed digital payment system.
Dangote’s strategic net worth increase also comes a few days before the country’s 2023 elections. The 2023 general elections consist of a presidential election and governorship elections in 28 states of the Federation. It also includes 1,462 legislative elections representing 109 Senate seats, 360 House of Representatives seats; and 993 State House of Assembly seats.
What was the reason for the $541 million increase?
Dangote’s impressive performance can be traced to the impressive performance of Dangote Cement Plc, Africa’s largest cement manufacturer. Dangote holds an 86-per cent stake in the cement manufacturing company.
The share price of his manufacturing company has reportedly increased by single digits from N261 ($0.568) on Jan. 1 to N270 ($0.588). This increase boosted its market capitalization beyond the N4.6 trillion ($10 billion) mark and pushed the market value of Dangote’s stake above $8.5 billion.
The African billionaire’s wealth is set to increase even more by the commissioning of his 650,000-barrel-per-day Dangote Refinery and Petrochemical Ltd. Reports say the completion of this project will give a whopping $18 billion boost to his net worth.
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