Dangote now 25 richest in the world

Nigerian billionaire and Africa’s richest man Aliko Dangote has scored yet another first. This time, he has been named the Africa’s first $20 billion man, thus becoming one of the top 25 richest men in the world. Dangote, the President/Chief Executive of the pan-African conglomerate, the Dangote Group, has become the first African entrepreneur to lay claim to a $20 billion fortune as the stock value of the flagship of his holding, Dangote Cement, leaped just about three-fourths since March, when Forbes last released its annual ranking of the world’s richest people.

With a current market cap of $20.5 billion, Dangote Cement becomes the first Nigerian company to achieve a market capitalization of over $20 billion.The world renowned business and financial intelligence news magazine, the Forbes has reported that Dangote’s 93 per cent stake in the cement company is now worth $19.5 billion.

Added to this are his controlling stakes in other publicly-listed companies like Dangote Sugar and National Salt Company of Nigeria and his significant shareholdings in other blue-chips like Zenith Bank, UBA Group and Dangote Flour; his extensive real estate portfolio, jets, yachts and current cash position, which includes more than $300 million in recently awarded Dangote Cement, Dangote is now worth more than $20 billion.