Nigerian billionaire, Aliko Dangote has regained his position as the richest investor on the Nigerian Exchange (NGX). The development which comes after three weeks of intense trading saw Dangote dethrone fellow billionaire businessman Abdul Samad Rabiu.
Dangote’s resurgence has been attributed to the strong performance of Dangote Cement shares. Known as Africa’s largest cement company, Dangote Cement shares have surged impressively and reclaimed its position as the most valuable company on the NGX.
Dangote’s portfolio as NGX’s richest Investor
Dangote’s portfolio on the NGX includes an 86.81 per cent stake in Dangote Cement, a 72.7-per cent stake in Dangote Sugar, a 66.5 per cent stake in NASCON Allied PLC, a 7.23-per cent stake in Jaiz Bank, and a minority 0.88 per cent stake in Tony Elumelu’s United Bank for Africa, totalling 301,971,608 ordinary shares.
According to reports, the total market value of Dangote’s equity portfolio on the NGX surged by over $1.2 billion, moving from $5.8 billion on the 29th of June to a staggering $7.0 billion today.
Here’s a breakdown of Dangote’s $1.2 billion surge
The share price of Dangote Cement increased from $0.362 on the 29th of June to $0.447 today. This pushed the market value of Dangote’s stake in the cement maker above $6.6 billion.
Similarly, Dangote Sugar’s share price has also witnessed significant growth, rising from N25 to N27.5 during the period under review.
What you need to know
Dangote Cement industry, Obajana in Kogi State recently embarked on the use of tyres, palm nut shells and sawdust as alternative fossil fuels to avoid greenhouse build-up in the atmosphere that strengthens weather changes.
This comes as the management of the cement company said it had to diversify from coal which generates greenhouse gas carbon dioxide and affect people, plant and the planet.
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