Dangote becomes $4.3 Billion richer at the end of 2019

Dangote becomes $4.3 Billion richer at the end of the year 2019. He’s the wealthiest black person alive and the founder of Dangote Group.

According to Bloomberg, in 2018, his wealth was estimated to be about $10.3 billion, a figure that places him on the top spot of Africa’s richest men and 93rd in the world’s ranking.

Besides, the majority of the 62-year old Nigerian’s wealth is from his investment in Cement, flour, sugar, and fertilizer. These investments have continued to increase his net worth.

According to Bloomberg’s Billionaire Index, Africa’s most prominent industrialist, Aliko Dangote, becomes the 96th richest man in the world. This is after ending the decade with an estimated net worth of about $15 billion.

He was born into a wealthy Muslim family in the northern part of Nigeria. His grandfather became one for the wealthiest men in West Africa by trading groundnut and Kola nut.

Dangote started his business at the age of 21 by selling Cement. Later on, in the 1990s, he moved to manufacture. He benefited greatly by the government’s policies aimed at reducing importation.

Many of his critiques still accuse him of amassing his wealth by taking advantage of his closeness to the government to get an unfair market advantage.

Dangote Group of industries includes Dangote Cement Plc, Africa’s biggest cement company. The company’s value worth more than a fifth of the Nigerian Stock Exchange. These companies are the reason Dangote becomes $4.3 Billion richer at the end of the decade.

One of his valuable assets is the fertilizer plant that is estimated to produce about 2.8 million tonnes of Urea fertilizer annual.

Dangote group is currently working on a $12 billion crude oil refinery, and it’s scheduled to begin operation in 2021. We expect the refinery will reach full capacity at the end of the first half of the same year.

The refinery is being built at Ibeju lekki, Lagos, Nigeria. The fertilizer factory is also built on the same site.

As Dangote becomes $4.3 Billion richer, his oil refinery has not been included in the valuation of his wealth because it is yet to begin operation. Besides, the construction cost should outshoot the current value according to calculations.

2020 could be a big year for the Billionaire as he closes in on completing one of the largest oil refineries in the world. The plant has the potentials to transform Nigeria’s economy as the country imports its entire refined products. Besides, the refinery can meet the whole of Nigeria’s fuel consumption needs.

 

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