Aliko Dangote Becomes 61st World’s Richest Man

Nigerian Billionaire Aliko Dangote is now the world’s 61st richest man, he was ranked as the world’s 67th wealthiest person.

Aliko Dangote, the founder of the most diversified Manufacturing conglomerate, Dangote group has surpassed $21 billion in net worth for the first time since 2014 when his wealth fell from $25.7 billion to below $15 billion.

Truetells Nigeria reports that the news comes as shares in his cement company, Dangote cement PLC, which is listed in the Nigerian Exchange reached an all time high price of N3000 ($0.7224) per share, bringing the cement company market capitalization to N5.11 Trillion ($12.3 billion).

Dangote being the Africans Richest man and the only black man worth over $15 billion, derives majority of his net worth from his 86% stake in Dangote Cement, which is now valued at $10. 6 billion.

For the tenth time in a row, Aliko Dangote was named the richest man in Africa in 2021, with an estimated net worth of $12.1 billion.

 The business empire he began to build more than three decades ago, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.

Shortly after graduating from college at 21, Dangote borrowed $3,000 from his uncle to import and sell agricultural commodities in Nigeria, his native country. His business venture quickly became a success, and as a result, he managed to repay the entire loan within three months of starting operations. Ultimately, Dangote was able to turn a local commodities trading business into a multibillion-dollar corporation.

Dangote’s business interests encompass many industries, including oil and gas, consumer goods, and manufacturing.  According to Forbes magazine, the subsidiary produces 45.6 million metric tons of cement every year and operates in 10 African countries.

Dangote also owns the world’s third-largest sugar refinery. As of March 31, 2021, Dangote Cement Group reported quarterly revenue of 332.7 billion Nigerian nairas, approximately US$808.5 million.