Africa's Richest Man, Aliko Dangote's Net Worth Grows By 201 Million In 24 Hours
- After a rough January, Aliko Dangotes fortune rebounded to 27.6 billion, cutting his year-to-date loss to 461 million.
- Dangotes 650,000-bpd refinery operates at 85 capacity, hindered by crude shortages. New storage tanks aim to boost supply security.
- Dangote exports fuel to Africa and Saudi Aramco, while exploring a new refinery project in Angola to expand regional influence.
After weeks of sell-offs in Dangote Cement shares that saw Africas richest man, Aliko Dangote, lose a significant chunk of his fortune in January, the Nigerian billionaire has bounced back with a 201 million gain in the past 24 hours.
According to the Bloomberg Billionaires Index , Dangotes net worth rose from 27.4 billion to 27.6 billion, marking a partial recovery from the steep 845 million decline he suffered last month when his fortune dropped from 28.1 billion to 27.2 billion. With this latest boost, his year-to-date loss has narrowed to 461 million.
The rebound in his wealth is largely tied to the performance of his 86-percent stake in Dangote Cement. The value of his stake has climbed back above 4 billionnow standing at 4.04 billionfollowing a recent uptick in the companys share price on the Nigerian Exchange NGX.
Meanwhile, his 92.3-percent stake in Dangote Oil Refinery, which has a nameplate refining capacity of 650,000 barrels per day, remains his most valuable asset at 18.6 billion.
Dangote Refinery nears full capacity amid shortagesThe Lagos-based refinery, Africas largest and the worlds biggest single-train facility, is currently operating at 85 percent capacity and is expected to reach full capacity within the next month. However, it continues to grapple with crude supply shortages from the state-owned NNPCL, limiting its ability to maximize domestic crude processing.