Emmanuel OchayiAliko Dangote, Chairman of Dangote Cement, has experienced a surge in wealth, witnessing a gain of $6.9 billion in just 25 days into 2024.
This meteoric rise, as revealed by the Bloomberg Billionaire Index, catapulted his net worth from $15 billion to $22 billion by January 24, 2024.
The driving force behind this surge lies in the historic market capitalization achieved by Dangote Cement Plc, reaching N10.095 trillion.
This milestone not only solidifies Dangote Cement’s position as the first Nigerian company to attain such a valuation but also underscores its exceptional performance in the equities market with a year-to-date return of 85.2%.
At the close of 2023, Dangote Cement secured the third position among companies with the highest market capitalization on the NGX. Now surpassing Airtel Africa and MTN Nigeria, Dangote Cement’s market cap of approximately N10.095 trillion ($11.19 billion) positions it as one of Africa’s largest companies.
Fueled by confidence in the company’s potential, Femi Otedola’s acquisition of Dangote Cement shares underscores its role in contributing to Nigeria’s economic resilience and generating foreign exchange. With Dangote’s fortune primarily rooted in his 86% stake in Dangote Cement, the company’s performance hints at the potential for further ascent in global wealth rankings, possibly propelled by the ongoing development of the $20 billion Dangote Refinery.
As the world’s 82nd richest man, Dangote’s trajectory may soon see him breaking into the top 50, marking a remarkable chapter in his financial journey.
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