Nigerian business magnate, Aliko Dangote, has achieved the milestone of being the 75th richest person in the world, amassing a staggering N354.8 billion in just 24 hours.
Renowned as the wealthiest individual in Africa, Dangote's remarkable financial feat adds another feather to his cap, as he generated an astounding N354.8 billion within a mere day.
Just a week ago, Dangote held the 80th spot on the world's wealthiest individuals list, after his remarkable earnings of N460 billion within a single day, surpassing the net worth of two Russians, one Chinese, and an Indian on the billionaires' ranking.
According to the Bloomberg Billionaire Index, Dangote has consistently maintained his position as the richest person in Africa for an impressive 12 consecutive years, with an estimated net worth of $19.7 billion.
Dangote's remarkable wealth surge stems from the soaring demand for Dangote Cement across Africa, presenting an opportunity for him to not only amass an additional $100 million but also outpace fellow billionaires.
Following the official inauguration of President Bola Tinubu, the Nigerian Stock Exchange experienced a significant upswing. This resulted in the shares of Dangote Cement trading at N290 on Tuesday, May 30, 2023, fueled by positive sentiments from investors.
Financial analyst and banker Uche Madubuogu told Legit.ng that the Dangote Refinery has the potential to propel Dangote into the ranks of the top 20 wealthiest individuals globally.
Madubuogu expressed, "We will not be surprised to witness a surge in his wealth once the refinery begins shipping products by August."
Highlighting the colossal promise of Dangote's recently launched refinery, Madubuogu emphasized its potential to revitalize Nigeria's energy industry, particularly addressing the nation's longstanding petrol importation issue. He stated, "It will help Nigeria reduce dependence on imported petroleum drops. It might help eliminate petrol importation," thus alluding to the refinery's significant impact on the country's energy landscape.