Dangote to Regain His Africa’s Richest Man Position: See How

Nigerian billionaire, Aliko Dangote, is gradually regaining his previous wealth losses. This comes as his fortune recently surpassed the $10 billion mark.

Representing a 5.82-per cent uptick in a single day, Dangote’s net worth surge can be closely linked to a remarkable $ 575 million increase in the past 24 hours. 

Forbes, a leading U.S. business magazine that tracks the wealth of ultra-high-net-worth individuals worldwide, reported that Dangote’s net worth has increased from $9.9 billion to $10.5 billion in the past 24 hours.

Recall that the devaluation of the Nigerian naira made Dangote witness a sustained decline in his fortune. The devaluation took a hit on the value of his extensive industrial assets and companies, including his 86-percent stake in Dangote Cement, Africa’s largest cement manufacturer.

What led to Dangote’s rebound?

Dangote’s recent net worth surge can be attributed to a 10-per cent surge in the shares of Dangote Cement Plc, on the Nigerian Exchange.

The upward trajectory of the cement firm propelled the market value of his 86 per cent stake in Dangote Cement to more than $6.2 billion.

It has also moved him closer to regaining his title from South African, Johann Rupert, who displaced him as Africa’s richest person. This is as the wealth gap between Dangote and fellow African billionaire Johann Rupert presently stands at $1.1 billion.

What to Expect from Dangote

The wealth gap between both billionaires is predicted to decrease as Dangote Cement initiates a share buyback program.

Approved by shareholders during the Extraordinary General Meeting held in December, the share buyback program aims to repurchase shares worth $65.8 million, equivalent to one per cent of the company’s issued shares.

The first tranche of the share buyback program is set to be completed within two trading days, starting from Monday, 17th of July 2023, to Tuesday 18th of July 2023.