Africa’s richest man and Chairman of Dangote Group, Mr. Aliko Dangote, raked in ₦460 billion in one day and in the process, overtook two Russians, one Chinese, and an Indian on the billionaires’ list on Monday.
According to Bloomberg Billionaire Index, Dangote has remained Africa’s richest man for 12 consecutive years, with a net worth of $19.7 billion.
The dazzling fortune came from increased demand for Dangote Cement in Africa and it created an opportunity not only to fatten his account by $100 million but displace fellow billionaires.
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Dangote maintains a majority share at his Cement company, following the company’s announcement of a significant share buyback two weeks ago.
Dangote Cement’s share price has maintained a good run at the Nigerian Stock Exchange, trading at N288 per share.
He is ranked 83rd on the billionaire index, ahead of two Russians, Alexey Mordashov and Alisher Usmanov.
The quiet billionaire dropped two positions as he was ranked 81st on the table but lost over N13 billion last week. He also maintains a clear lead ahead of the Chinese consumer retailer, Chuan-Fu and Indian commodities billionaire Lakshmi Mittal.
In another report, the Chief Economist at the Economic Commission for Africa, Hanan Morsy, says Africa currently accounts for more than half of the World’s poor at 54. 8 percent.
Morsy said this at the 55th session of the Conference of African Ministers of Finance, Planning, and Economic Development in Addis Ababa, Ethiopia, on Monday, according to a News Agency of Nigeria report.
She said, ‘The continent faced a tsunami of global shocks that have exacerbated existing socio-economic operation and equity. Africa, as a result of these shocks, currently accounts for more than half of the world’s poor at 54.8 per cent. And we have estimated 548 million Africans living in poverty in 2022 and 149 million at risk of falling into poverty in the same year.
‘There is a skewed distribution across the continent in terms of concentration of these issues, with particularly East and West Africa having a higher share of poverty across regions,’ ’she said.
Morsy said the situation was further exacerbated by existing inequalities, noting that even in times of high economic growth in Africa, the rate of inequality still rose.