African billionaire Aliko Dangote is now richer than popular Russian businessman and owner of Chelsea FC Roman Abramovich.
Much of Dangote’s net worth is tied up in his flagship company Dangote Cement Plc, meaning it rises and falls with the company’s stock price. The Nigerian billionaire’s wealth rose following a year-to-date price increase in the shares of Dangote Cement Plc announced it would buy back up to 170 million shares, or 1% of its issued shares, over two days from Jan. 19.
Since the commencement of the share buyback program, the company’s shares have soared by 7% on the Nigerian Exchange, thanks to stockbroker buying activities and investor reactions.
In the first tranche of its share buyback program, the cement behemoth bought back shares worth N9.77 billion ($23.56 million). In the second tranche of its share buyback program, the cement manufacturer acquired a 0.74-per cent stake for N35.1 billion ($84.5 million).
Dangote was ranked the 97th richest person in the world back in January, with a net worth of $19.2 billion. At the time of writing, the Nigerian billionaire is now ranked the 83rd richest person in the world, vaulting over popular Russian businessman and owner of Chelsea Football Club Roman Abramovich, who is now ranked 124th on the list of the world’s 500 richest people.
Dangote has repeatedly spoken of his desire to purchase Arsenal Football Club, saying last year he intended to launch a bid for the English Premier League team. In an interview with Bloomberg last year, the Nigerian billionaire explained that he would look into buying Arsenal once construction had been completed on his oil refinery, which is set to become operational in Q3 2022.
The Dangote Group believes that the pipeline Infrastructure, which cost an estimated $19bn to build, is designed to process enough crude to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude. In addition, the world-class industrial complex will create a market for $11 billion per annum of Nigerian crude.
Source: Africa Business Insider