Africa’s richest man, Aliko Dangote, added $497 million to his net worth in the week ending October 10. The rise followed a strong performance by his listed companies on the Nigerian Exchange (NGX).
Data from the Bloomberg Billionaires Index showed that Dangote’s wealth increased from $29.1 billion to $29.6 billion within the week. Most of the gains came from Dangote Cement Plc, where he holds an 87.45 percent stake.
The cement giant’s share price rose by 9.5 percent, translating to about $497.3 million in added wealth. In contrast, Dangote Sugar Refinery saw a 1.3 percent decline in share price. This drop reduced the value of his holdings in the company by around $4.76 million.