Dangote rakes in $1.5 billion in November, slides down in world’s ranking

Africa’s wealthiest man, Aliki Dangote, made about $1.5 billion in November as his Cement company, Dangote Cement, made impressive monthly runs.

Dangote’s wealth comes from several large-scale business ventures, and he has remained afloat every year due to his knack for scaling his businesses.

Recently, his cement firm has weathered tough economic headwinds from Nigeria and across Africa to keep as Africa’s richest person.

According to a recent Bloomberg Billionaire Index report, Dangote slid six places down from 71st richest man in October to 81st.

Despite the slide, Dangote’s wealth ballooned to $19.1 billion in November.

The increase is due to a profit from his conglomerate, despite losing $611 million in the first ten months of 2022.

Also, his fertilizer company which recently came on stream contributed to his rise and high revenue margins.

The Kano-born multibillionaire holds an 86 per cent stake in Dangote Cement, currently valued at $8.64 billion, The cement company recorded N332 billion in trade volume, according to Business Insider.

His fertilizer firm has installed a production capacity of about 2.8 m.
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