Dangote on Track to Close 2021 at the Richest Level He Has Ever Been In 7 Years, Thanks To His Cement Company
- For the eleven-time in a row, Aliko Dangote is on course to end the year as the richest man in Africa
- In 2021 he could be doing it with aplomb surpassing the highest level he has ever attained in the last seven years
- Dangote's interests include salt, wheat, and sugar, among others, but the majority of his riches will come from his cement company this year
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Aliko Dangote, the richest man in Africa, is on track to close the year at the richest level he has ever been since 2014 buoyed by the second straight year of gains at his cement unit.
The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index.
The highest his wealth has touched on the bloomberg index was $26.7 billion in June 2014.
Source: Getty Images
Where is Dangote's money coming from
According to Bloomberg, robust cement demand and rising prices of construction material in Nigeria have helped boost the revenue of Dangote Cement.
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Dangote Cement is Africa's richest man's main asset.
Since the start of 2021, the value of Dangote Cement shares has increased by 24.49% from N224.90 per share on Monday, January 4 to 280 as at Friday, December 3, 2021
Dangote cement is not only the most valuable company on the Nigerian exchange it is also one of the largest employers of Labour in the country.
Other sources for wealth
Bloomberg also noted that Dangote is also poised to complete a $19 billion refinery that has the capacity to more than meet Nigeria’s fuel demand, which is currently met by imports.
Dangote, this year, also started exporting fertilizer to the U.S. and Brazil after the completion of a plant with a capacity to produce 3 million tons of urea and ammonia annually.
Dangote Cement, MTN Nigeria Lead List of the 10 Biggest Companies
It was earlier reported Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria as of October 2021.
The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation.
Data from Nigeria Exchange shows as of October 2021, shows there are over 156 listed companies with a total share of over 41 million valued at over 21 trillion.
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