How Tinubu’s Policies Added $769 million To Dangote’s Fortune 
Home News How Tinubu’s Policies Added $769 million To Dangote’s Fortune 
News - May 31, 2023

How Tinubu’s Policies Added $769 million To Dangote’s Fortune 

Africa’s richest man, Aliko Dangote has seen his net worth soar by an impressive $769 million within 24 hours. The increase can be attributed to the bullish forces sweeping the Nigerian Exchange, where his publicly listed companies have experienced substantial market value gains.

The Nigerian Exchange recorded an impressive rally following President Bola Ahmed Tinubu’s promising inaugural speech. The speech which unravelled a series of policies aimed at addressing critical issues plaguing the Nigerian economy made stocks surge by $3.2 billion on the Exchange in a single day.

This development signifies that investors responded positively to the president’s proposed measures. It also resulted in a significant increase in the share prices of Dangote Cement, Dangote Sugar, and Nascon Allied Industries—companies predominantly owned by Aliko Dangote.

Figures from the Exchange reveal that these stocks recorded gains of 7.4 per cent, 9.5 per cent, and 9.42 per cent, respectively, in a single trading session. This surge in assets pushed Dangote’s net worth from $20.4 billion to $21.2 billion and catapulted him to the 75th spot from his previous ranking of 81st.

Dangote record-breaking wealth accumulation in 2023

Dangote’s remarkable wealth accumulation in 2023 has secured his spot at the forefront of Africa’s billionaire elite. With year-to-date gains of $2.49 billion, he outpaces his closest rival, South African billionaire Johann Rupert, who trails behind with $2.27 billion in wealth gains.

While this is good, the Nigerian business mogul is set to record more significant wealth from the recently commissioned $19 billion oil refinery. Scheduled to produce 650,000 barrels a day, the oil refinery will address the country’s energy supply crisis. It will also reduce import dependency and stimulate the growth of the Nigerian economy during President Tinubu’s administration.

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