The latest Forbes list of richest men in the world was released today, Nigeria’s business man Aliko Dangote is the richest African and he made a quantum leap on the list from 200+ position last year to 51 position in the latest list, surpassing a whole lot of bunch like Abramovich Richard Branson, Oprah Winfrey and followed closely by Mark Zuckerberg of Facebook.
Forbes says Aliko Dangote has a networth of $13.8billion as of March 2011, ranking him 51st in the world and number 1 in Africa.
The 53-yr old businessman’s fortune surged 557% in the past year, making him the world’s biggest gainer in percentage terms.
The listing of his company, Dangote Cement, on the Nigerian Stock Exchange served as a catalyst. His company’s listing now accounts for a quarter of the market capitalization of the Nigerian Stock Exchange. Dangote Flour, Dangote Sugar and national Salt, his other companies also listed on the exchange, means that he accounts for close to 35 per cent of the total market capitalisation.
The Nigerian businessman’s fortune surged 557% in the past year, making him the world’s biggest gainer in percentage terms and Africa’s richest individual for the first time. The catalyst was listing Dangote Cement, which integrated his investments across Africa with his previously public Benue Cement; it now accounts for a quarter of the Nigeria Stock Exchange’s total market cap. Already the continent’s biggest cement maker, he has plants under construction in Zambia, Tanzania, Congo and Ethiopa and is building cement terminals in Sierra Leone, Ivory Coast and Liberia, among other places. Dangote, who recently bought himself a $45 million Bombardier aircraft for his birthday, has been shuttling back and forth to London for months, in anticipation of a public offering there later this year. Dangote began his career as a commodities trader; built his Dangote Group into conglomerate with interests in sugar, flour milling, salt processing, cement manufacturing, textiles, real estate, and oil and gas.
Dangote began his career as a commodities trader.
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