Dangote’s wealth rose by $1.5bn in Nov

Alade Abayomi ADeleke
Alade Abayomi ADeleke

In spite of the creeping fuel scarcity and rise in inflation index in November, Africa’s richest man and Chairman, Dangote Group, Aliko Dangote’s wealth increased by $1.5 billion in November 2022.

The billionaire also amassed a whopping $200 million in October, with his present net worth totalling $19.1 billion.

Dangote was previously ranked as the 144th richest in the world, however, with his recent business strides, he is now ranked the 81st richest man globally.

The Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 wealthiest people, revealed that his net worth increased by $1.5 billion in November, reversing losses of $611 million in the first 10 months of 2022.

Nairametrics reported that the increase is attributed to the recent rise in the price of Dangote Cement Plc’s stocks, which regained bullish dominance after months of bearish performances.

It also attributed it to the company’s $5 billion fertilizer plant, which is capable of producing up to 2.8 million metric tons of urea a year.

Aliko Dangote, as founder and chairman of the Dangote group, owns an 86-percent stake in Dangote Cement, which is currently valued at $8.64 billion.

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