Tuesday, 4 June 2013
Aliko Dangote Is Africa’s First $20 Billion Man
Gistbybit can authoritatively tell all our viewers that Nigerian billionaire and Africa’s richest man Aliko Dangote has become the first African entrepreneur to lay claim to a $20 billion fortune as the stock value of his largest holding, Dangote Cement, leaped just about three-fourths since March when Forbes released its annual ranking of the world’s richest people.
Aliko Dangote’s 93% stake in the cement company is now worth $19.5 billion. Add this to 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 dividends, Dangote is now worth more than $20 billion.
Put into context, the Nigerian billionaire is now among the top 25 richest people in the world, richer than Russia’s richest man, Alisher Usmanov, richer than India’s Lakshmi Mittal and running neck and neck with India’s Mukesh Ambani.
He became a billionaire by later manufacturing these items. He started making pasta, salt, sugar and flour in 1997. But he found his gold mine in cement, when he was awarded a government’s state owned cement business in 2000 and began building his own plant in 2003. He listed Dangote Cement in 2010.
Today, it is Africa’s largest cement company providing cement to Nigeria and other African countries that otherwise would likely have to pay to import much of the materials.
Dangote still likely has bigger ambitions. He told Forbes Wealth Editor Luisa Kroll at Davos in 2011 that he expected his firm to have a market cap of $60 billion within five years. At $20.5 billion, Dangote Cement still has a long way to go to live up to that dream, and while it is quite unlikely that Dangote Cement could hit a $60 billion Market Cap by 2016, don’t write it off as ‘impossible’. With Dangote, you never know.
Related Posts:
Lagos governnor Raji Fashola comes to the aid of ailing Pa KasumuGreat news for ailing veteran actor, Kayode Odumosu popularly known as Pa Kasumu, who has been battling with serious liver and heart related ailments for a while now and in desperate need of N12m. According to a report by Enc… Read More
10 signs a JOB is a Scam From the ad, the job reads like a dream. It’s in your area of expertise (yay!), paying a salary slightly more than the current rate (yippee!) and you can work from home (woo hoo!) fulltime. But as you reread the job ad, som… Read More
Asari-Dokubo establishes university, names it after King Amachree According to new reports, former Niger Delta militant and current leader of the Niger Delta People’s Volunteer Force, Asari Dokubo, is now a proud owner of a university in Benin Republic... From Premium Times The leader of … Read More
Facebook founder Zuckerberg spends $30 million protecting his privacy It's Friday morning on Edgewood Drive in Palo Alto, Calif. , and none of Mark Zuckerberg 's neighbors want to talk about the fact that he's just bought four more houses on their street. The Facebook founder worth close to $… Read More
17 Fake NYSC Members Arrested: 9 Males, 8 FemalesThe Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested total of Seventeen fake members of the National Youth Service Corps (NYSC). They were rounded up and arrested at the NYSC Orientation… Read More
0 comments:
Post a Comment