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Aliko Dangote sustains position as African richest man, wealth increases by $20.7 mln to $15.6 bln

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The president of Dangote Group, Aliko Dangote has increased his wealth by $20.7 million as of June 30, 2023, through industrial investments, which enable him to sustain his position as Africa’s richest man.

According to TheCale, Dangote lost $3.12 billion as a result of Nigeria’s move to float the local currency and unify its exchange rate system.

Despite the volatility of the Nigerian naira against the dollar, the business entrepreneur remains Africa’s richest man, according to the most recent Bloomberg Billionaires Index.

Dangote topped the list of billionaires announced on Friday, with a fortune of $15.6 billion, surpassing other Africans on the index.

This means Dangote’s wealth has increased by 4 percent since his net worth was evaluated at around $15 billion in 2020 when he rose from 103rd place.

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The serial investor from Nigeria’s northern region is Africa’s richest man for the 12th year in a row.

According to the ranking, Dangote is presently ranked 111th and the only Nigerian among the top 500 billionaires.

The billionaire will inaugurate the Dangote petroleum refinery in May 2023, an outstanding project that is projected to catalyze the change in Nigeria’s energy sector.

The ceremony occurred a decade after he unveiled plans for the refinery in September 2013, when he obtained approximately $3.3 billion in finance for the project.

He also owns Dangote Cement, Sub-Saharan Africa’s largest cement maker, as well as interests in sugar, salt, fertilizer, and packaged foods.

Other Africans featured with Dangote in the current top 500 world billionaires ranking for the year 2023 include; Johann Rupert and family (South Africa, $13.3 billion), Nicky Oppenheimer (South Africa, $9.0 billion), Nassef Sawiris (Egypt, $7.47 billion), Natie Kirsh (South Africa, $7.37 billion) and Naguib Sawiris (Egypt, $5.93 billion).

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138

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