Aliko Dangote loses $700 million in July amid stock market sell-off, naira slump
However, he remains one of the few billionaires who has seen impressive gains since the year began.
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However, he remains one of the few billionaires who has seen impressive gains since the year began.
NASCON is a subsidiary of Dangote Group.
His group recently completed a bond issuance to fund the completion of the $19-billion Dangote Oil Refinery.
Dangote’s net worth is still up by $832 million this year.
The proceeds from the landmark transaction will be used to part-finance the Dangote Oil Refinery Project.
Dangote owns an 86-percent stake in Dangote Cement Plc, Africa’s largest cement producer.
The $100-million increase in his net worth in June follows a $300-million decline in May.
The refinery’s pipeline infrastructure will process 540,000 barrels of Nigerian crude per day in the first phase of operation.
Dangote owns an 86-percent stake in Dangote Cement, Africa’s largest cement producer.
The sum is 33-percent less than in 2021.
Dangote Sugar Refinery has a refining capacity of 1.44 million metric tonnes.
But with his fortune of $20.3 billion, he remains Africa’s richest man.
Dangote derives nearly half of his $20-billion fortune from his 86-percent stake in Dangote Cement.
Dangote’s net worth has risen by more than $1.88 billion this year.
Dangote is the founder of Dangote Industries Limited, a Nigerian conglomerate with diverse interests.
The refinery project is still on track to be completed by 2023.