Afrigather Africa’s richest man, Aliko Dangote has seen his internet value soar by a formidable $769 million inside 24 hours. The rise will be attributed to the bullish forces sweeping the Nigerian Trade, the place his publicly listed corporations have skilled substantial market worth good points.
The Nigerian Trade recorded a formidable rally following President Bola Ahmed Tinubu’s promising inaugural speech. The speech which unravelled a sequence of insurance policies aimed toward addressing important points plaguing the Nigerian financial system made shares surge by $3.2 billion on the Trade in a single day.
This improvement signifies that buyers responded positively to the president’s proposed measures. It additionally resulted in a major enhance within the share costs of Dangote Cement, Dangote Sugar, and Nascon Allied Industries—corporations predominantly owned by Aliko Dangote.
Figures from the Trade reveal that these shares recorded good points of seven.4 per cent, 9.5 per cent, and 9.42 per cent, respectively, in a single buying and selling session. This surge in property pushed Dangote’s net worth from $20.4 billion to $21.2 billion and catapulted him to the seventy fifth spot from his earlier rating of 81st.
Dangote record-breaking wealth accumulation in 2023
Dangote’s exceptional wealth accumulation in 2023 has secured his spot on the forefront of Africa’s billionaire elite. With year-to-date good points of $2.49 billion, he outpaces his closest rival, South African billionaire Johann Rupert, who trails behind with $2.27 billion in wealth good points.
Whereas that is good, the Nigerian enterprise mogul is about to document extra vital wealth from the just lately commissioned $19 billion oil refinery. Scheduled to supply 650,000 barrels a day, the oil refinery will handle the nation’s power provide disaster. It should also scale back import dependency and stimulate the expansion of the Nigerian financial system throughout President Tinubu’s administration.
