Aliko Dangote, Africa’s richest man in the last 8 hours has raked in N217.5 billion($523M) jumping to become the 91st richest man in the world.
According to Bloomberg index, Dangote is now worth over $20.1 billion which is 50.23% of Nigeria’s external reserves of $40.1 billion.
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.
Rise in Dangote’s company share
Africa’s richest person controls Dangote Industries, a closely held conglomerate. But he makes most of his fortune from Dangote Cement Africa’s biggest cement producer.
The shares of Dangote Cement Plc on the Nigerian Exchange in the last 8 hours has advanced by 5.45 % to N274.8. from N260 it traded on Wednesday.
Dangote also owns sugar, salt, oil, fertilizer, and packaged food, as well as six residential and commercial buildings in Lagos.
His most significant closely held asset, though, is a fertilizer factory capable of producing up to 2.8 million tonnes of urea each year.
With the $19 billion oil refinery nearing completion Dangote’s wealth is expected to grow further in the coming years.
What can Dangote’s money buy?
Dangote’s fortune of $20.1 billion can buy 11.0 million troy ounces of gold, 219 million barrels of crude oil