Dangote’s Net Worth pushed up by Dangote Cement
As shares of his flagship company, Dangote Cement, rose by double digits in the first week of November this year, staging a recovery from its fall in October, Africa’s richest man, Mr Aliko Dangote, saw a significant increase in his net worth by $700m.
According to Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people, the Nigerian industrialist’s net worth increased to $18.3bn from $17.6bn between November 1 and 7.
The feat was largely attributed to the performance of his 86 per cent stake in publicly traded Dangote Cement as well as the nine per cent increase in the share price of the company, from N220.50 to N240 in the first week of November on renewed investors’ buying interest.