Aliko Dangote’s net worth has upped by over $100 million within the last one year to $12.2 billion according to recently released Forbes 2018 list of Africa’s richest.
This makes the 60-year old industrialist Africa’s richest man for seven straight years.
South African diamond magnate and patriarch of the Oppenheimer family followed him loosely with a $7.7 billion net worth. The third on the billionaire list is South African luxury goods king Johann Rupert.
75 percent of Aliko Dangote’s earnings come from Dangote Cement shares which appreciated on the Nigerian stock exchange in 2017. His Dangote Sugar also closed the year as the best performing stock with 227 percent returns. Its share price went from N5.7 to N20, all adding up to the billionaire’s $100 million net worth increase.
Dangote has rolled out expansion moves into 9 African countries with finishing touches and government contribution also aiding completion of his $12 billion oil refinery in Lekki Free Trade Zone, Lagos.
When the plant begins operation slated for 2019, it would make him the single largest train petroleum refiner in the world with a production capacity of about 650,000 barrels per day.
The finery is expected to create 60,000 jobs. Aliko Dangote’s money is not slowing down anytime soon.