Dangote Exits Prime 100 Billionaires In The World As His Internet Price Drops Under $16bn

Africa’s wealthiest particular person and Enterprise tycoon, Aliko Dangote, who lately re-entered the unique membership of the world’s prime 100 billionaires, has fallen under the $16 billion mark and consequently exited the highest 100 world wealthy listing.

Information from the Bloomberg Billionaires Index reveals a noteworthy $1.6 billion lower in his web value, lowering it from $17.4 billion on September 1 to $15.8 billion as at press time.

The decline represents a considerable shift in Dangote’s monetary standing, in line with Bloomberg, following a interval of outstanding progress from June 25 to September 1 when his web value had risen from $15.1 billion to $17.4 billion.

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The Dangote Group is a Nigerian multinational industrial conglomerate, based by Aliko Dangote. It’s the largest conglomerate in West Africa and one of many largest on the African continent. The group employs greater than 30,000 individuals, producing income in extra of US$4.1 billion in 2017.

The corporate was based in 1981 as a buying and selling enterprise, importing sugar, cement, rice, fisheries, and different client items for distribution within the Nigeria market. The group moved into manufacturing within the Nineteen Nineties, beginning with textiles, shifting onto flour milling, salt processing and sugar refining by the tip of the last decade.

The corporate subsequent moved into cement manufacturing, rising quickly and shifting into different African international locations. A excessive diploma of vertical integration is a trademark of Dangote Group’s working technique.

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The group now owns and operates over 18 subsidiaries, working in ten African international locations. Dangote Cement, is one in every of these subsidiaries that’s listed on the Nigerian Inventory Change, with its market capitalization accounting for nearly 20 % of the full capitalization of the Nigerian Inventory Change. Dangote Group is headquartered in Lagos.

In 2016, Dangote signed a contract with CNOOC Group for the set up of a big underwater offshore pipeline.

The pipeline, when accomplished, will lengthen from Bonny (Rivers State) by Ogedegbe, Olokola to Lekki and the Escravos Lagos pipeline, lastly terminating on the West Africa Gasoline Pipeline.

Supply: Ghanacelebrities.com