Africa’s richest man

In line with his goal of becoming one of the five wealthiest people in the world in four year’s time, Nigeria’s Aliko Dangote has moved up 18 places on the US-based Forbes magazine Rich List to emerge as one of the richest men in the world and the richest man in Africa.

With the share price of his flagship Dangote Cement Plc skyrocketing on the Nigerian Stock Exchange (NSE), the business mogul saw his personal net worth correspondingly inch up to $20bn at the beginning of June, making him the first African to hit the $20bn mark.

With a current market capitalisation of $20.5bn, Dangote Cement has also become the first Nigerian company to achieve a market capitalisation of over $20bn. Forbes reported that Dangote’s 93 % stake in the cement company is now worth $19.5bn.

Added to this are his controlling stakes in other publicly-listed companies like Dangote Sugar and National Salt Company of Nigeria, as well as his significant shareholdings in other blue-chips like Zenith Bank Plc, UBA Group and Dangote Flour Plc; his extensive real estate portfolio, jets, yachts and current cash position, which includes more than $300m in recently awarded Dangote Cement dividends.

Dangote Cement currently accounts for more than a quarter of the total market capitalisation of the NSE, Nigerian magazine This Day reported.

Amid grim news about the global economy, Africa continues to shine, Forbes says. Its second annual list of Africa’s 40 Richest reflects growth across much of the continent. The moguls’ combined net worth, now $72.9 billion, is up 12% over last year. Ten newcomers join the ranks, including, for the first time, two women.

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