Aliko Dangote’s cement company launches move to buy back shares worth more than $112.7 million
Dangote Cement will buy up to 170,003,074 fully paid-up ordinary shares.
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Dangote Cement will buy up to 170,003,074 fully paid-up ordinary shares.
The $200-million wealth bump can be linked to the rising share price of his cement and sugar businesses.
Yet his $19.1-billion net worth makes him the richest Black man alive and the 100th wealthiest man in the world.
The death of the Nigerian industrialist has sent shock waves across Africa’s richest economy.
So far this year, his personal net worth is up 13.6 percent, an average gain of $7.66 million per day.
The richest Black man alive has amassed a staggering $19.2-billion net worth through Dangote Group.
It is the largest figure since the leading cement group commenced operations about 40 years ago.
The Nigerian billionaire has received $1.6 million in dividends from the company since the start of 2021.
Unforeseen glitches extended the project handover deadline, which was originally scheduled for March.
The half-billion-dollar gain can be attributed to sustained investor buying interest.
Kaduna State Governor Nasir el-Rufai has accused the Nigerian government of getting in the way of the project.
Dangote said: “If the national sugar master plan is followed … the country will be better for it.”
Anonymous sources claim that the company is potentially looking to raise $500 million from traders.
Between Aug. 24 and Sept. 15, Dangote’s net worth declined from $18.2 billion to $18 billion.
Dangote Cement is a subsidiary of Dangote Industries Limited, Africa’s most diversified manufacturing conglomerate.
The refinery will have a capacity of 650,000 barrels per day.