₦airaland Forum

Nigerian industrialist Aliko Dangote is set to become the first African to have a net worth of $30 billion.

According to the latest Bloomberg Billionaires Index, Dangote's net worth increased by $401 million (about N601 billion) in one day, taking his total fortune to $29.6 billion.

The gain has pushed him up the world billionaires ranking to the 76th position, his highest placement in history.

Checks by Legit.ng showed that no African’s wealth has ever reached Dangote’s current level, and with another $400 million, he is set to make history again.

This is not the first time Dangote has come close to hitting the $30 billion mark; at the start of the year, he was valued at around $28.1 billion on Bloomberg’s index.

However, his net worth dropped by about $400 million in June and has since hovered around $26 billion.

He has bounced back in recent days, increasing his wealth by $1.51 billion year-to-date.

This time, the $30 billion target appears more attainable than ever, with the milestone now clearly within reach.


Why Dangote’s net worth is climbing

According to BusinessDay, Dangote’s net worth is rising due to the strong performance of his listed companies on the Nigerian Exchange.

These companies, Dangote Cement, Dangote Sugar, and NASCON and make up the majority of his visible wealth.

Although the refinery is not listed, it has been a key factor in the recent revaluation of his wealth to its current level.

Private depots slash fuel prices, rival Dangote refinery for customers

The Dangote cement , which makes up a huge part of Dangote's wealth, share price rose by 9.5%, translating to about $497.3 million in added wealth per BusinessDay

In contrast, Dangote Sugar Refinery saw a 1.3% decline in share price. This drop reduced the value of his holdings in the company by around $4.76 million.

The loss was, however, offset by a $4.52 million gain from NASCON Allied Industries, which also saw an uptick during the week

Putindbutt:
Eyah, Nigeria happened to him

yarimo:
PENGASSAN, NUPENG, DAPPMA and PETROAN won't be happy with this news

Softmirror:
And OBIDIENTS.😁

Putindbutt:
Eyah, Nigeria happened to him

omoredia:
The Dangote that Buhari collapsed our economy to support his business. Smh

TimeManager:
The patient dog eats the fattest bone. When Mr President introduced his economic policies, at the height of it, I could remember Dangote losing lots of his fortunes, he slid down the latter. With perseverance and steadfastness, Dangote is now reaping the fruits of the policies. Generally, Nigeria is expected to witness a turnaround with projected GDP growth in the next two quarters.
God bless President Tinubu, God bless Nigeria.


-Kiss the truth!

RightToReject:
Stop the misinformation. 76th position isn't his best ranking position ever on the billionaires annual ranking list. At a point, more than a decade ago, he was the 23rd richest person in the world on Forbes' annual list, with a net worth of $25 billion. This made him the first black man to break into the top 25. That was before he channeled his resources on the refinery project, and I'm glad that he has started reaping the rewards now.

Putindbutt:
Eyah, Nigeria happened to him

donmixc:
Northerners are bless with wealth, we don’t make mouth like the south😒😒

abbyyzino:
The writer was referring to his net worth not position. First person in Africa to reach $30B milestone

Putindbutt:
Eyah, Nigeria happened to him

Putindbutt:
Eyah, Nigeria happened to him

Babalegba:
I hope that you don't believe what you wrote otherwise the Nigerian education system has failed you.
Tinubu has pauperized the nation and he is now picking the low hanging fruits like pardoning everything in sight but has not seen it fit to pardon the Nigerian populace and really fix the economy.

Softmirror:
And OBIDIENTS.😁