Dangote’s Wealth Surges By $1.3 Billion In Three Weeks, Nears Senegal’s GDP

Aliko Dangote recorded a boost of as much as $1.3 billion in his fortune in the year to January 21, a period that was a blessing to investment for shareholders of his cement firm, Dangote Cement Plc.

At $20.4 billion according to Bloomberg’s Billionaires Index on Friday, the wealth of Africa’s richest man now approaches the value of the economy of the entire nation of Senegal, which the World Bank estimates to have a gross domestic product of $24.9 billion.

Dangote owes the latest rise in its fortune to the execution of the second tranche of the share buyback of his cement firm this week, which investors are betting will lift the valuation of the company further.

Dangote Cement has so far yielded 11 per cent since the turn of the year, firming up its reputation as Nigeria’s biggest company by market value at a market capitalisation of N4.9 trillion as of Friday.

It contributes roughly half of Dangote’s wealth, reaching its peak level of N265.7 per share since 2010 on Friday.

-Premium Times