Africa's Richest Man, Aliko Dangote's Wealth Skyrockets to R419 Billion, Now Ranked 75th Richest Man Globally

• Aliko Dangote has jumped nine places in the billionaire ranking to the 75th position
• The jump follows the billionaire's R15 billion earnings on Tuesday, May 30, 2023
• Also, his wealth soared from R405 billion to R419 billion in 24 hours as investors rallied Dangote Cement

Africa's richest man, Aliko Dangote, jumped nine places to rank 75th richest person in the world from the 84th position he occupied On Tuesday, May 30, 2023.

Africa's richest man had remained in the 80-something zone for over a year before the massive leap on Wednesday, May 31, 2023.

Dangote's wealth surges by R15 billion

According to Bloomberg Billionaire Index, the billionaire's wealth surged by R15 billion in one day, standing at R405 billion from the R419 billion it occupied for the past four months.

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Dangote, whose 650,000bpd capacity refinery was commissioned on May 22, 2023, made the massive jump, thanks to the strong showing of Dangote Cement, his primary source of wealth.

The development follows the bullish trend of the Nigeria Stock Exchange, which saw significant quoted shares jump on the news of Nigeria's new President, Bola Tinubu, being successfully sworn in on Monday, May 29, 2023.

The shares of Dangote Cement traded at R5 737 on Tuesday, May 30, 2023, following investors' positive sentiments.

The billionaire industrialist has said his refinery will be ready to release the first batch of refined petroleum products into the markets by July ending.

Dangote to rank among top 20 wealthiest men in the world, analysts predict

Analysts believe Dangote will rank among the first 20 richest men in the world when his refinery finally comes on stream.

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Uche Madubuogu, a financial analyst and banker, told Briefly News that the Dangote Refinery could catapult him among the top 20 wealthiest men on earth.

Madubuogu said:

"We will not be shocked to see his wealth surge when the refinery begins to ship products by August."

According to him, the refinery holds an enormous promise to revitalize the Nigerian energy industry, especially the petrol import problem Nigeria has faced.

"It will help Nigeria reduce dependence on imported petroleum drops. It might help eliminate petrol import," he said.

Aliko Dangote, Chairman of the Dangote Group, has revealed that the newly commissioned Dangote Refinery targets 100,000 jobs when it becomes fully operational.

The billionaire businessman said the refinery currently employs 33,000 Nigerians.

He revealed that the 650,000bpd capacity refinery targets the population in its employment drive.

African billionaires Patrice Motsepe and Aliko Dangote get USA recognition alongside other black billionaires

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Briefly News previously reported that some of Africa's richest men are getting international recognition for their wealth.

South African billionaire Patrice Motsepe and Nigerian billionaire Aliko Dangote were recently included on the Complex Top Black Billionaires of the World list alongside the likes of TV personality Oprah Winfrey, hip hop artist Jay Z and basketball player Micheal Jordan, according to Africa Facts Zone.

Motsepe and Dangote were two of the nine black billionaires featured in the international publication's list as part of Black History Month.

Source: Legit.ng