Despite economic headwind, Dangote gains N1.09 billion in 2022

Africa’s richest man, Aliko Dangote appears to be winning in spite of the economic headwind which has sent south, the net worth of many billionaires around the world in 2022.

According to the Bloomberg Billionaire Index, Dangote’s net worth is currently valued $20.2 billion, making him the 68th on the global billionaire list as of the time of this report. On a year-to-date basis, the Nigerian billionaire has gained $1.09 billion.

According to report the world’s richest have lost $1.4 trillion this year in contrast to last year when soaring markets boosted the world’s population of high-net-worth individuals by about 8%

What you should know

  • Dangote is the founder of Dangote Group, the largest conglomerate in Africa involved in cement manufacturing, sugar refinery, salt and seasoning, fertilizer, infrastructure and a host of others.
  • The group had a revenue of 1.38 trillion naira ($3.4 billion) in 2021.
  • Majority of Dangote’s fortune is derived from his 86% stake in publicly-traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.
  • In the first three months of the 2022 financial year, Dangote Cement recorded a 24.2% increase in its revenue and an 18% increase in its profit after tax for the same period.

What Dangote has been up to in 2022

  • Earlier this year, Dangote revealed its refinery subsidiary will commence processing of crude oil in the third quarter of 2022.
  • The 650,000 barrels per day capacity refinery, is now officially behind the initially planned date of early 2022. Dangote confirmed this in a press briefing at the plant site in the Lekki FTZ in Lagos.
  • The Dangote Refinery is expected to address Nigeria’s reliance on the importation of petroleum products such as fuel and diesel.

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