Aliko Dangote, Nigerian business tycoon, Chairman of Dangote Group, overtook two Russians, one Chinese, and an Indian on the billionaires’ list on Monday, 20th March, 2023, after making N460bn in a day.
The Chief Executive Officer of Dangote Group made a profit following increased demand for Dangote Cement, beating his fellow billionaires by earning about $100 million.
Dangote Cement’s share price has maintained a good run at the Nigerian Stock Exchange, trading at N288 per share. The performance is due to increased demand for cement across Africa, where Dangote Cement maintains a firm grip and has the majority market share in Nigeria, its primary market.
He maintains a majority share at his Cement company, following the company’s announcement of a significant share buyback two weeks ago.
According to Bloomberg Billionaire Index, Dangote remains Africa’s richest man, a feat he has maintained for 12 years in a row.
Story: Ralia Adama