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Meet Aliko Dangote, World’s Richest Black Man and He Just Got $1.3B Richer

Aliko Dangote continues to amass wealth, which we applaud.

According to a new Bloomberg report, Africa’s richest man — and the world’s richest Black man — increased his fortune by $1.3 billion when the stock price of his eponymous cement company soared earlier this month.

The outlet confirms that Dangote Cement, PLC, “closed at the highest since 2010 on Friday, adding to the 11 percent gain in 2022 compared with 7.59 percent by the main board of the Lagos-based Nigerian exchange. The Lagos-based company recently completed a share buyback to boost value.”

On the strength of those share increases, Dangote’s net worth increased to more than $20 billion.

Furthermore, Bloomberg revealed that Aliko Dangote is one of 35 Bloomberg-indexed — that is, verified — billionaires who saw their fortunes skyrocket in January 2022.

Dangote’s fortune is anticipated to expand much more this year when his projected oil refinery eventually opens and begins functioning. The $19 billion project is expected to not only meet all of Africa’s crude oil demands, but also boost exports and growth. This new refinery will, without a doubt, generate jobs and promote the economy.

According to Forbes, Aliko Dangote’s current net worth is $14.5 billion as of this writing. Dangote owns 85 percent of the publicly listed Dangote Cement through a holding company as the CEO of the Dangote Group. Aliko Dangote also has assets in salt and sugar refineries, as previously reported by AfroTech.

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