Dangote Cement’s shares have more than doubled this month helping add $6.9 billion to its founder’s wealth, according to the Bloomberg Billionaires Index.
The report said as of Thursday, the fortune of Chairman of Dangote Industries, Alhaji Aliko Dangote, jumped to $22 billion.
This is as billionaire businessman, Femi Otedola, who calls Dangote, his “bestie”, had made a significant acquisition of Dangote Cement shares, boosting his wealth to the highest in a decade.
Otedola, explaining his reasoning for buying stakes in Dangote Cement in a statement issued, said the potential of Dangote Cement to earn foreign exchange as well as its compliance with Environmental, Social, and Governance principles made it an ideal investment for him.
“Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice.
“Dangote Cement’s strong corporate governance and impressive ESG compliance track record make it an ideal investment choice. It represents the type of company that not only contributes to Nigeria’s industrial strength but also aligns with my vision for ethical and sustainable business practices,” Otedola stated
He added that Dangote Cement’s track record of dividend payments and its commitment to sustainable business were major attractions.
Last year, Dangote, whose firm was recently raided by an anti-graft commission, was ranked 111th and was the only Nigerian to be on the top 500 billionaire list with a wealth of $15.6 billion.
Dangote as of the time of this report recorded $20.9 million to his wealth in the last 24 hours and currently holds the 83rd position on the list.
The index also shows that the billionaire is currently the only Nigerian and African on the list of the top 100 billionaires.
The last time Dangote was listed in the top 100 was in 2022 when he occupied the 63rd position.