Dangote Cement Plc, which represents roughly half of the entrepreneur’s $20.4 billion net worth, closed at its highest level since 2010, adding to the 11% gain in 2022, compared to 7.59 per cent for the Nigerian exchange’s main board in Lagos. The Lagos-based company recently completed a share buyback to boost its value.
According to the Bloomberg Billionaires Index, Dangote is one of only 35 billionaires among the world’s top 100 wealthiest individuals who saw their fortunes grow in January. Gautam Adani, India’s second wealthiest individual, has increased the most, rising $13 billion to $89.5 billion.
With the completion of a $19 billion refinery project, the Nigerian cement tycoon is on track to double his wealth this year. The crude processor’s 650,000 barrels per day capacity is sufficient to meet all of Africa’s domestic fuel needs while also increasing exports.
Dangote was born into a prosperous Muslim family of northern traders, which positioned him well to launch his own cement business at the age of 21. In the 1990s, aided by government policies emphasizing ways to reduce reliance on imports, he transitioned to manufacturing the building material.
The Nigeria Customs Service (NCS) has been commended for its pivotal role in boosting…
Operatives of the Nigeria Police Force have reportedly arrested a popular Nigerian TikToker, Seaking, for…
Human rights activist Omoyele Sowore says the economic policies of President Bola Tinubu's administration have…
In a resolute bid to ensure unimpeded traffic flow throughout Lagos State before, during…
In an era defined by rapid technological advancements and unpredictable economic shifts,…
Celebratory seasons, such as Christmas and New Year, are times when corporate organisations churn out…