Dangote maintains top in Africa, makes N218 billion after Dangote Cement’s buyback program
The chairman of the Dangote Group and African Billionaire, Aliko Dangote, gained a massive N218 billion from his Dangote Cement Plc stake after the cement company completed a share buy-back program on the Nigerian Exchange Limited (NGX).
The richest man in Africa currently holds the majority stake in Dangote Cement Plc, to the tune of 27,642,637 direct holdings and 14,621,387,610 indirect holdings, out of the 17.04 billion total issued shares of the company.
Dangote’s stake is currently worth about N4.17 trillion, up from N3.96 trillion as of the end of the market on Tuesday 26th of January 2022.
The program, which commenced on Wednesday, January 19, 2022, and ended the following day, Thursday, January 20, 2022, drove share prices as high as N284.90 reaching a new 52-week high and has stood at that price since.
Meanwhile, Nigerian billionaires, Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga were listed in the ranking of richest people in Africa by Forbes, with a joint net worth of $27.6 billion, accounting for 32.5% of the total 18 billionaires on the list.
The wealth of African billionaires has grown significantly in 2021 despite the effects of the pandemic. Altogether, the continent’s richest are now worth an estimated amount of $84.9 billion, which represents a 15% increase compared to the previous year.
