Aliko Dangote's Net Worth Soars to $22 Billion, Outpacing Bill Gates' January Earnings
Aliko Dangote, the wealthiest individual in Nigeria and Africa, has witnessed an unprecedented surge in his net worth, reaching an impressive $22 billion in less than three weeks. This remarkable development is attributed to the stellar performance of Dangote Cement on the Nigerian Exchange.
According to data from the Bloomberg Billionaire Index, Dangote experienced a substantial increase of over $1 billion on Tuesday, January 23, 2024, followed by an additional $282 million on Wednesday, January 24, 2024. This surge was propelled by the bullish run of Dangote Cement's share price on the Nigeria Exchange Limited.
Dangote Cement Achieves N10 Trillion Market Cap Milestone On Monday, January 22, 2024, Dangote Cement achieved a significant milestone by attaining a market capitalization of N10 trillion. This marked a historic accomplishment as it became the first Nigerian company to reach this valuation on the Nigerian Exchange. Fueled by a notable share price increase and a 9.99% gain in stock, the company closed trading with a market cap of N10.098 trillion.
The surge in market capitalization was further accentuated by billionaire Femi Otedola's substantial share acquisition in Dangote Cement. Otedola, Nigeria's fourth richest individual, expressed confidence in the company's potential to generate foreign exchange and its adherence to Environmental, Social, and Governance (ESG) principles.
Otedola's Investment Rationale and Dangote Cement's Growth Otedola emphasized that Dangote Cement's possession of two export terminals positions it as a significant player in earning foreign exchange, a crucial factor for Nigeria's economy. He also lauded the company's pan-African presence, identifying it as an ideal investment choice.
Highlighting Dangote Cement's robust corporate governance and adherence to ESG standards, Otedola underscored the company's role in contributing to Nigeria's industrial strength and his commitment to ethical and sustainable business practices. He particularly noted the company's consistent dividend payments and commitment to sustainable business as key attractions.
Dangote's Phenomenal Earnings Surpass Bill Gates Aliko Dangote's earnings in January 2024 have surpassed those of Microsoft founder Bill Gates. Over the past 25 days, Dangote has amassed over $6 billion, elevating his global ranking from 122nd to 82nd. In contrast, Bill Gates earned approximately $1.6 billion in January, maintaining a net worth of $142 billion and securing the position of the world's fourth wealthiest individual.
Dangote's accelerated ascent in global wealth rankings is attributed to the outstanding performance of Dangote Cement, which experienced a bullish run, soaring from N319 per share to N538.80.
This extraordinary financial trajectory reinforces Dangote's position among the world's wealthiest individuals, outperforming numerous billionaires globally and solidifying his stature as a prominent figure in the business world.