Nigeria's richest man Alhaji Aliko Dangote has become the first African entrepreneur to be valued at $20bn after the latest Forbes magazine global ranking of millionaires rated him among the 25 wealthiest persons on earth.

According to the Forbes survey, the stock value of Dangote Cement, leaped just about three-fourths since March, thus taking Alhaji Dangote’s 93% stake in the company to $19.5bn. When this is added to his controlling stakes in other publicly-listed companies like Dangote Sugar, Dangote Flour and the National Salt Company of Nigeria, Alhaji Dangote's wealth balloons.

Apart from his own companies, the billionaire also holds significant shareholdings in other blue-chip multinationals like Zenith Bank and the United Bank for Africa. When Alhaji Dangote's personal wealth, which includes his extensive real estate portfolio, jets, yachts and current cash position, including more than $300m in recently awarded Dangote Cement dividends, he worth is enhanced significantly.

At the moment, Alhaji Dangote is wealthier than Russia’s richest man Alisher Usmanov, India’s Lakshmi Mittal and running neck and neck with India’s Mukesh Ambani. According to forecasts, his wealth is on course to catch up with that of American Google founders Larry Page and Sergey Brin.

Carl Franklin, Dangote Cement’s head of investor relations in the UK, said that in the first quarter of 2013, the company had a huge increase in demand across Nigeria. He added that gas supply also improved considerably and the capacity was much more ramped up.

Mr Franklin said: "Quarter one was the first sign of just how profitable we can be in Nigeria and the amazing thing is that 66% of our gas-fired production was done at 84% gas. Imagine what would happen to margins if we did the same amount at 95% and this has given investors a good sense of what we can really do when everything goes in the right direction.”

With a current market cap of $20.5bn, Dangote Cement has become the first Nigerian company to achieve a market capitalisation of over $20bn. Mr Franklin added: “It’s certainly a landmark for a Nigerian company and we’re proud to be the first to achieve it.

"Obviously we are focusing on building long-term and sustainable value for shareholders through our investments in Nigeria and Africa. Nigeria is a very entrepreneurial country and I can assure you that other companies will follow us in achieving this.”

Alhaji Dangote debuted on the Forbes billionaires list in 2008 with a fortune we pegged at $3.3bn, which dropped to $2.5bn in 2009 and plunged further to $2.1bn in 2010. His fortune then surged 557% in 2011 to $13.8bn after he took Dangote Cement public but dropped to $11.2bn in last year’s rankings but rebounded at $16.1bn this year.

Alhaji Dangote still likely has bigger ambitions. He told Forbes in 2011 that he expected his firm to have a market capitalisation of $60bn within five years.

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READ MORE- http://www.nigerianwatch.com/news/4840-dangote-becomes-first-african-worth-over-20bn-as-forbes-rates-him-25th-man-on-earth

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