Dangote is Africa’s first $20 billion man

WASHINGTON D.C – Africa’s best known entrepreneur Aliko Dangote, who heads up the Dangote cement group, has become the continent’s first $20 billion man.

Already the richest man in Africa, he is also now in the top 25 of the world’s richest men since becoming the first African to lay claim to a $20 billion fortune thanks to the performance of Dangote Cement.

In the first quarter of 2013, the stock value of Dangote Cement has risen by about three-fourths making it the first Nigerian company to achieve a market capitalization of more than $20 billion.

Aliko Dangote Dangote’s 93 percent stake in the cement company is now worth $19.5 billion.

Aliko’s wealth is spread out with his significant interests in other publicly-listed companies including Dangote Sugar and National Salt Company of Nigeria.

He also has interests in blue-chip firms including UBA Group and Zenith Bank as well as an extensive property portfolio as well as the usual trappings of wealth including ownership of private jets and yachts.

He is now richer than some of the world’s most notable billionaires including Russia’s richest man, Aisher Usmanov and India’s Lakshmi Mittal, and is not far behind some of America’s wealthiest businessmen including Google’s founders Larry Page and Sergey Brin.

The Dangote Cement had recorded an unprecedented surge in its share price largely due to market response to the company’s impressive results in the first quarter of this year.

The cement manufacturer’s unaudited results for the three months ending March 31 had showed that the company’s pre-tax profit rose to $339 million, representing an 80.6 percent increase from last year.

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