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Dangote Makes $1.7 billion In 3 months

According to research that was carried out on Bloomberg Billionaire’s Index, Alhaji Aliko Dangote, business magnate and owner of the Dangote Group reportedly made $1.7 billion in the first three months of this year.

In percentage terms, Dangote’s fortunes soared 6.9% so far this year and the report claimed that the majority of the fortune is derived from Dangote’s 94 percent stake in publicly traded Dangote Cement, sub-Saharan Africa’s largest cement maker.

Also Dangote is ranked by Forbes Magazine as the 23rd richest person in the world and the richest man in Africa

He holds the shares in the company directly and through his conglomerate, Dangote Group.

Dangote’s other publicly listed assets include stakes in Dangote Sugar, National Salt Co. of Nigeria and Dangote Flour Mills. In October 2012, South Africa’s Tiger Brands bought a 63.4 percent stake in Dangote Flour Mills from Dangote for 30.1 billion naira ($190 million). Dangote Group also controls stakes in two undeveloped offshore oil fields in the Joint Development Zone of Nigeria-Sao Tome.

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