Powerful Nigerian businessman, Aliko Dangote, has seen a significant rise in wealth rising by an estimated $575 million over the previous 24 hours.
According to the Forbes billionaire index, this comeback seen here shows that the 66-year-old billionaire has a net worth of $10.5 billion and had a 5.82% growth in just one day.
As of Monday morning, Dangote’s net worth was approximately $9.8 billion.
This increase was due to shares of Dangote Cement Plc rising by 10% during today’s trading session. The increase occurred after the business announced the start of its Tranche I share buyback program.
The share buyback program of Dangote Cement, which entails the acquisition of up to 168,735,593 fully paid-up common shares, was previously covered by Nairametrics.
This amounts to 1% of the shares that are currently in circulation. A 52-week high was reached when Dangote Cement shares first began trading at N330.1 per share.
Dangote’s broad conglomerate, which has holdings in cement, sugar, salt, flour, oil, and gas among other things, earned $504 million from the stock market in the first half of this year.
As a result, as of June 30, 2023, his net worth had climbed from $4.9 billion as of December 31, 2022, to $5.4 billion. The 10% increase in Dangote Cement Plc shares during the first half of the year was the main driver of this growth.
Through a holding firm, he owns 85% of the publicly traded Dangote Cement and with facilities in ten different African nations, Dangote Cement can yearly produce 48.6 million metric tonnes.
