Africa’s richest man Aliko Dangote has seen his net worth decline by $200 million so far in December, according to data retrieved from the Bloomberg Billionaires Index.
Dangote, who is also the world’s richest Black person, derives the majority of his wealth from his 86-percent stake in Dangote Cement, which is presently worth $8.49 billion. An additional $5.15 billion of his wealth is linked to his closely held fertilizer plant, which has the capacity to produce up to 2.8 million metric tonnes of urea per year.
Dangote’s wealth figures are largely made up of his stake in Dangote Group, a conglomerate with interests in a variety of sectors, including cement, sugar, flour, and salt. Dangote Group is the largest contributor to Dangote’s wealth and a major player in the African business landscape.
The recent decline in Dangote’s net worth can be attributed to the decline in the market value of his flagship company, Dangote Cement, Africa’s largest cement company.
The slump in the company’s shares comes after the cement manufacturer received shareholder approval to buy back up to 10 percent of its outstanding shares for N406 billion ($917 million).
The shareholders who participated in the voting at the company’s Extraordinary General Meeting in Lagos gave their unanimous approval, with many of them praising the process and describing it as beneficial to all parties involved.
Recently, Dangote has committed more than $700 million to expand the operation of his sugar company, Dangote Sugar Refinery, by increasing the refining capacity of one of its plants, DSR Numan, from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, 9,800 tcd, and 15,000 tcd.
The leading billionaire announced that the investment will create at least 300,000 jobs in Nigeria as he continues to strategically invest in his sugar business in accordance with the Nigeria Sugar Master Plan requirements.
Despite the recent decline in his net worth, Dangote remains the richest man in Africa, a formidable force in the business world, and one of the wealthiest individuals in the world. His diversified portfolio and unwavering dedication to success will likely continue to propel him to new heights.
SOURCE: BILLIONARES AFRICA