Africa’s richest man, Aliko Dangote is now the 72nd richest person in the world, Bloomberg billionaires index shows as he is set to earn a total of N293 billion in dividends from his cement company

President of Dangote Group, Aliko Dangote, has emerged as the 72nd richest person in the world with an estimated net worth of $20.4 billion, according to the latest data on Bloomberg’s billionaires’ index

Dangote, who is still the richest man in Africa for the 11th year running, was the only African billionaire who made the top 100 list of the world’s 500 richest people. The majority of Dangote’s fortune is derived from his 86% stake in publicly traded Dangote Cement.

According to Bloomberg, the Nigerian billionaire was ranked the 97th richest person in the world back in January with a net worth of $19.2 billion. In February, Dangote moved up the ranking to become the 83rd richest person in the world, vaulting over popular Russian businessman and owner of Chelsea Football Club Roman Abramovich, who is now ranked 132nd on the list of the world’s 500 richest people.

In March, Aliko Dangote commissioned the Dangote Fertiliser Plant – the world-class fertiliser plant estimated at $2.5 billion, with the capacity to produce 3 million metric tonnes (mt) of urea yearly. The addition of the net value of the Lagos-based fertilizer plant to Dangote’s personal wealth is said to have pushed his net worth above $20 billion, making him the world’s 72nd richest man.

As of April 2022, Dangote’s fortune has been on an upward trajectory with Bloomberg reporting that his net worth of $20.4B can buy 10.6 million troy ounces of gold.

In a related development, Africa’s richest man Aliko Dangote is set to earn a total of N293 billion ($704.1 million) in final dividends from his stake in Dangote Cement Plc.

This represents the bulk of the final dividend distribution of N340.81 billion ($819.2 million) approved by the company’s board of directors at the conclusion of the group’s 2021 fiscal year.

Dangote Cement is Africa’s largest cement producer, with a total production capacity of 51.55 million tonnes of cement per year across 10 countries.

Under the leadership of Dangote, who holds an 86-percent ownership interest in the cement company, the leading cement manufacturer has contributed to the elimination of Nigeria’s reliance on imported cement, changing the country into a net exporter of cement goods.

At the end of 2021, the cement behemoth posted a 33-percent increase in profit, from N276.06 billion ($663.5 million) in 2020 to N364.4 billion ($875.9 million) by the end of 2021, attributable to impressive top-line growth and the management’s sound cost-cutting strategies.

The robust growth in earnings was triggered by a 33.8-percent increase in revenue from N1.03 trillion ($2.47 billion) to N1.38 trillion ($3.31 billion), driven by an increase in sales from 25.72 million tonnes to 29.27 million tonnes and pricing gains from the surge in the price of cement.

The company’s strong financial performance prompted the board to suggest a final dividend of N20 ($0.0481) per share, payable to shareholders on June 15.

According to the board’s decision, Dangote, who has an 86-percent controlling stake in the cement behemoth, will receive dividends of N293 billion ($704.1 million) from his investment in the leading cement manufacturer.

This represents a 23.5-percent increase over the $570 million that he received as dividends at the end of 2020.