Africa’s wealthiest individual, Aliko Dangote, has seen his net worth increase by approximately $950 million since the start of 2022. This financial growth is largely attributed to the rising share price of Dangote Cement Plc, which climbed 7% on the Nigerian Exchange following a strategic share buyback program.
The company successfully executed two tranches of this program, acquiring nearly 1% of its issued shares for a total cash consideration of approximately $84.5 million. This move sparked positive investor sentiment and significant buying activity, solidifying the firm’s position as a dominant force in the regional market.
Beyond the success of his cement business, Dangote’s industrial group is making significant progress on its $19 billion integrated refinery project, which is scheduled to begin processing crude oil in the third quarter of this year.
This massive infrastructure is designed to fulfill Nigeria’s entire domestic fuel demand and transition the country from a major crude importer to a self-sufficient exporter of refined petroleum products.
Once fully operational, the industrial complex is expected to generate an annual market for $11 billion worth of Nigerian crude oil, marking a transformative shift for the continent’s largest economy.
