In just 17 days of 2024, Aliko Dangote, Africa’s wealthiest individual and a prominent business figure, has experienced a notable increase in his wealth, surging by $2.02 billion.
His net worth rose from $15.08 billion on January 1, 2024, to an impressive $17.1 billion by January 17, 2024, as per data compiled by the Bloomberg Billionaire Index at the close of market trade.
Dangote, at the helm of Dangote Industries, a conglomerate based in Lagos, Nigeria, boasts substantial holdings in Dangote Cement, the largest cement producer in sub-Saharan Africa.
The company, generating revenue of N1.5 trillion naira ($1.6 billion) in the 9 months ended September 2023, is diversified across sectors such as sugar, salt, oil, fertilizer, and packaged food.
The surge in Dangote’s net worth is primarily attributed to his commanding 86% stake in the publicly traded Dangote Cement, held both directly and through his conglomerate, Dangote Industries.
Notably, Dangote Group entities listed on the NGX have collectively witnessed a capital appreciation totalling approximately N2.49 trillion.
Dangote Cement has been a key contributor to this surge, amplifying its market capitalization by N2.26 trillion, followed by Dangote Sugar with an increase of N198 billion and NASCON with a rise of N33 billion.
Dangote Cement Plc emerges as a standout performer this year, experiencing a remarkable year-to-date appreciation of 41.5%.
The company initiated the year with a market capitalization of N5.45 trillion, accompanied by a share price of N319.90.
However, as of the latest market trade, its share price has soared to N452.5 contributing to an augmented market capitalization of N7.71 trillion.
Dangote Sugar, despite a recent pullback in its stocks, has also enjoyed bullish sentiment on the NGX in 2024, witnessing a year-to-date appreciation of 28.6%.
The sugar manufacturer, starting the year with a market capitalization of N698.45 billion and a share price of N57.5, has seen its market capitalization rise to N890.36 billion, accompanied by a share price of N73.3.
Furthermore, Nascon Allied companies have recorded a notable uptick, with a market cap progressing from N143.06 billion at a share price of N54 on January 2, 2024, to N174.7 billion at a share price of N65.95 on January 17, 2024.
This financial prowess reflects Dangote’s strategic influence and the robust performance of his conglomerate’s diverse portfolio in the Nigerian market.