Aliko Dangote’s net worth has increased by $934 million since the start of the current calendar year, placing him as the world’s 83rd wealthiest person. According to The Business Insider, the African billionaire’s total wealth has increased to $20 billion, allowing him to surpass Russian businessman and Chelsea Football Club owner Roman Abramovich on the publication’s billionaires list. Dangote’s net worth is largely invested in his flagship company, Dangote Cement Plc, and so fluctuates with the stock price. Following a year-to-date price increase in Dangote Cement Plc’s shares, the Nigerian billionaire’s net worth increased. Dangote Cement Plc announced it will buy back up to 170 million shares, or 1% of its outstanding shares, over two days beginning Jan. 19. The company’s shares have risen by 7% on the Nigerian Exchange since the start of the share repurchase program, thanks to stockbroker buying and investor reactions.
The cement manufacturer purchased back shares worth N9.77 billion ($23.56 million) in the first phase of its share repurchase program. The cement company purchased a 0.74 percent interest for N35.1 billion ($84.5 million) in the second tranche of its share buyback scheme.
With a net worth of $19.2 billion, Dangote was listed as the world’s 97th richest person in January. At the time of writing, the Nigerian billionaire is the world’s 83rd richest person, surpassing Roman Abramovich, the owner of Chelsea Football Club in Russia, who is now rated 124th on the list of the world’s 500 richest individuals.
Dangote has expressed his intention to buy Arsenal Football Club on several occasions, stating last year that he intended to make a bid for the English Premier League squad. Last year, in an interview with Bloomberg, the Nigerian billionaire stated that if his oil refinery, which is planned to open in Q3 2022, was done, he would consider purchasing Arsenal.
The Dangote Group claims that the pipeline infrastructure, which is expected to cost $19 billion, will process enough petroleum to meet Nigeria’s fuel needs and turn Africa’s largest crude producer into a refined crude exporter. Furthermore, the world-class industrial complex will generate a market for Nigerian crude worth $11 billion per year.
Source: The Bussiness insider
