By January 2, 2020

Africa’s Richest Man Finished 2019 With Another USD 4.3 Bn In His Pocket, Becomes 96th Wealthiest In The World

By January 2, 2020

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There is no wonder about the man who is the richest in Africa. But there are speculations as to how much he really makes. Aliko Dangote, with many businesses under his belt – including cement, flour and sugar – became USD 4.3 Bn richer in 2019.

According to the Bloomberg Billionaires Index, Dangote ended the decade with a net worth of nearly USD 15 Bn, an improvement which puts him in 96th position on the list of the world’s richest. The 62-year-old has made the score on the back being the continent’s most prominent industrialist.

Currently, the entrepreneur is building a mammoth refinery in the outskirts of Lagos. Situated in Ibeju-Lekki, the project is home to the world’s largest single crude distillation column.

The plant has the capacity to meet more than Nigeria’s entire fuel consumption and could transform an economy that currently imports all its refined product needs. Dangote is also constructing a fertilizer factory on the same site.

Dangote’s estimated worth in the latest Bloomberg ranking far outstrips an earlier ranking by the Forbes Magazine which placed his fortune at USD 10.8 Bn in the 2019 Forbes Africa’s Billionaires’ list released in January. Nevertheless, he retained the rank as the richest African for the 8th consecutive year in the latter ranking.

His conglomerate, Dangote Industries, includes the biggest cement company on the continent, the Lagos-listed Dangote Cement Plc. That’s one of four publicly traded companies under the Dangote umbrella that account for more than a fifth of the value of the Nigerian stock exchange.

The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement, which had revenue of NGN 901.2 Bn (USD 2.5 Bn) in 2018. It also has interests in sugar, salt, flour, fertilizer and packaged food.

The plant has the capacity to meet more than Nigeria’s entire fuel consumption and could transform an economy that currently imports all its refined product needs. Dangote is also constructing a fertilizer factory on the same site.

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