Africa’s richest man, Aliko Dangote, the industrial giant whose name is nearly associated with modern Nigerian industry, appears to be on the verge of achieving a significant new milestone.
- Aliko Dangote’s net worth on Bloomberg’s Billionaires Index is $29.3 billion, with a year-to-date increase of $1.2 billion.
- Dangote’s wealth has fluctuated throughout the year due to market conditions and industry performance.
- Key contributors to Dangote’s visible wealth include his public companies: Dangote Cement, Dangote Sugar, UBA, and NASCON.
Bloomberg’s real-time Billionaires Index presently values Dangote’s net worth at $29.3 billion, a year-to-date rise of almost $1.20 billion that has reignited speculation about the continent’s first-ever $30 billion person.
That surge is noteworthy since it comes after a roller-coaster few months. At the start of the year, Dangote was valued at around $28.1 billion on Bloomberg’s index.
By mid-year, some trackers reported his net worth at $27.7 billion, with a mid-year YTD change of -$400 million, while an April snapshot had Dangote’s YTD change at just +$153 million, demonstrating how unpredictable these headline figures can be as markets, currencies, and company results move.
Reasons why Dangote’s net worth is climbing
Dangote Cement, Dangote Sugar, and Nascon are among the publicly traded companies that make up the majority of Dangote’s visible wealth, as per the Punch.
In terms of public assets, Dangote Cement is valued $5.54 billion, Dangote Sugar is worth $357 million, UBA is worth $484,000, and NASCON is worth $117 million.
The $1.2 billion year-to-date gain has been attributed to strong share price movements on the Nigerian Exchange, as well as higher market valuations.
DON’T MISS THIS: South Africa’s richest man, Johann Rupert quietly adds over $1 billion to his fortune
Local coverage and market commentary attribute the recent share strength to strong operating results and improved Nigerian macroeconomic signals.
Additionally, the Dangote Petroleum Refinery, a gigantic integrated refinery and petrochemical complex in Lekki, is his portfolio’s single most transformative asset.
Although the refinery is not listed (so values are simulated rather than market-priced), its output and export possibilities have significantly raised investor expectations for Dangote Group’s future cash flows and the long-term worth of its ownership.
Analysts and business journalists consistently highlight the refinery as a key cause for the wealth re-rating.
So, is $30 billion imminent or simply headline bait? It’s reasonable, not implausible.
Dangote needs around $0.7 billion to surpass Bloomberg’s $29.3 billion number.
Given recent one-day and multi-day surges reported in July and August (including alleged gains of hundreds of millions in single sessions on local market momentum), a sustained rally or a favorable re-rating of his unlisted refinery assets might propel him over the finish line in weeks.
