Cement stock rally sees Aliko Dangote’s wealth reach decade-high
- Aliko Dangote, Chairman of Dangote Cement, has gained $6.9 billion in the first 25 days of 2024, increasing his net worth from $15 billion to $22 billion.
- Dangote Cement achieved a market capitalization of over N10 trillion ($10 billion), becoming the first Nigerian company to reach this milestone.
- The company's exceptional performance in the equities market has led to a year-to-date return of 85.2% and a surge in share price from N319.9 to N592.6.
Aliko Dangote, Chairman of Dangote Cement, has experienced an unprecedented gain of $6.9 billion in the first 25 days of 2024. Data from the Bloomberg Billionaire Index reveals that Dangote, beginning the year with a net worth of $15 billion, has seen it rise to $22 billion by January 24, 2024. This remarkable increase is attributed to the outstanding performance of Dangote Cement.
The surge in wealth is linked to Dangote Cement achieving a historic market capitalization of over N10 trillion ($10 billion), making it the first Nigerian company to reach this significant milestone. Dangote Cement has demonstrated exceptional performance in the equities market for 2024, boasting a remarkable year-to-date return of 85.2%.
The share price has surged from N319.9 at the start of the year to N592.6 at the latest trading session, contributing significantly to Dangote's increased net worth. Nigerian tycoon Femi Otedola said he will add to his purchases of Dangote Cement's shares after his recent acquisition in part helped propel the wealth of the billionaire.
Broadly, the remarkable NGX rally this year has seen the combined wealth of Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga have surged by $15.5 billion since the beginning of the year. The wealth-tracking platform by Forbes offers continuous updates on the net worth and ranking of confirmed billionaires, with values reflecting changes in the individuals' public holdings every five minutes during stock market hours. Since December 29, the collective wealth of Dangote, Rabiu, and Adenuga has nearly doubled, reaching $33.6 billion as of 3 pm on Thursday. The breakdown of this increase shows that Dangote's fortune rose by $9.1 billion to $18.5 billion, Rabiu's wealth increased by $2.4 billion to $8.1 billion, and Adenuga's grew by $4 billion to $7 billion. This significant surge in wealth underscores the dynamic nature of the financial markets and the impact on the fortunes of prominent individuals.