Aliko Dangote's Fortune Rebounds: Africa's Richest Man Nears 30 Billion
- After an 800 million drop earlier this year, Aliko Dangote's fortune has surged to 28.2 billion, driven by a rally in Dangote Cement shares.
- Dangote Cement shares have surged nearly 25 since mid-January, pushing the market value of Dangotes 86 stake from 3.65 billion to 4.6 billion.
- The Lagos-based refinery is operating at 85 and could reach full capacity within 30 days, despite ongoing crude supply challenges.
After seeing his net worth drop by more than 800 million earlier this year, Africas richest man, Aliko Dangote, is bouncing back. His fortune is now approaching the 30 billion mark, according to the Bloomberg Billionaires Index .
A surge in the market value of his stake in Dangote Cement, Africas largest cement maker, has added 800 million to his wealth in just three days, lifting it from 27.4 billion on Feb. 11 to 28.2 billion. This rebound follows a rough start to the year.
Dangotes net worth rises on stock recoveryIn January, Dangotes net worth declined by 845 million to 27.2 billion after a sell-off in Dangote Cement shares . Some investors on the Nigerian Exchange NGX exited their positions, dragging the stock down and putting pressure on his fortune.
But February has brought renewed confidence. Bargain hunters on the Nigerian Exchange NGX have been snapping up shares of the cement giant, driving its stock price up nearly 25 percent since mid-January.
Shares have climbed from N387.9 0.257 on Jan. 15 to N480 0.318, boosting the market value of Dangotes 86 percent stake in the company from 3.65 billion to 4.6 billion.