Aliko Dangote, the CEO of the Dangote Group, has regained his throne as Africa’s wealthiest individual, dethroning South African luxury tycoon Johann Rupert and his family. This shift is reflected in Forbes Real-Time Billionaires, which tracks daily changes in billionaire net worths.
As of January 8, 2024, Dangote’s wealth climbed by $10 million to $10.1 billion, pushing him back ahead of Rupert at $10 billion. This move also propels Dangote globally, landing him at 191st while Rupert stands at 197th.
The majority of Dangote’s fortune, according to Bloomberg, stems from his substantial ownership of Dangote Cement, a publicly traded company where he holds an 86% stake. His investments extend beyond cement, with additional holdings in Dangote Sugar, NASCON Allied Industries, and United Bank for Africa, both directly and through his conglomerate, Dangote Industries.
Beyond publicly traded assets, Dangote boasts a valuable portfolio of closely held businesses in sectors like food manufacturing, fertilizer, and oil. The crown jewel of this group is a massive fertilizer plant capable of producing up to 2.8 million tonnes of urea annually. Its value is meticulously calculated using a discounted cash flow analysis by KPMG and verified by independent analysts.
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