World’s Richest Black Man, Aliko Dangote adds a Whooping $950M to his Net Worth

In recent reports, Aliko Dangote’s wealth has made upward progression, growing by $950 million since January 2022, following a Y-T-D date price increase in the shares of its cement brand.

Dangote Cement Plc., announced ending last year, that it would buy back up to 170 million shares, or 1% of its issued shares from January 19, 2022, according to Business Insider Africa. Since the start of the buyback program, the conglomerate’s shares have surged 7% on the Nigerian Stock Exchange.

The cement brand bought back shares worth N9.77 billion ($23.56 million) in the first phase of the program. By the second phase of the buyback program, the brand bought back N35.1 billion ($84.5 million) worth of shares, or 0.74 percent stake.

Billionaires Africa reported that the total cash consideration used in the buyback program was N35.1 billion ($84.5 million).

The Dangote conglomerate has also revealed the completion and possible launch of its integrated refinery project. It said that the refinery would start processing crude oil refining by the third quarter of the year.

The refinery infrastructure which cost the Dangote Group about $19 billion to build, is designed to process enough crude oil to meet Nigeria’s and Africa’s increasing demand for fuel. This would make the Dangote refinery Africa’s largest crude oil producer and exporter of refined crude oil. The move is also expected to create a market for $11 billion per annum of Nigerian crude.

According to the Bloomberg Billionaires Index, Dangote’s fortune is now $20 billion, following the 7% stock increase driven by the company’s shares buyback program.

Aliko Dangote is the founder and president of the Dangote conglomerate. He is not only the richest man in Nigeria and Africa but the richest black person in the world. He makes a bulk of his fortune from his cement brand – the largest in Africa – and he owns 85% stake in his publicly-traded company. Dangote's conglomerate also features sugar, salt, and pasta brands. The company is currently building what will become the largest oil refinery in Africa.