The African richest man had dropped to the 80th position on the global ranking of billionaires after his net worth dropped below the $19-billion mark for the first time since Sept. 29, 2021.
The latest Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest persons, now ranks him as the 74th richest man. Most of Dangote’s net worth is derived from his 86 per cent stake in his Dagonte cement factory based in Nigeria and across some African countries.
Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.
In addition to cement, he is also building Africa’s biggest oil refinery and fertilizer factory. After many years of development, Dangote’s fertilizer plant in Nigeria began operations in mid-2021.
What is more, he is also into the assembling of cars under the name Dangote Peugeot Automobiles Nigeria Limited (DPAN). The assembling of the vehicles started with the Land Trek, 3008, 5008 and the new 508.
DPAN is jointly owned by Stellantis Group, the parent company of Peugeot, the Kano and Kaduna state government and Dangote through one of his subsidiaries Dangote Industries Limited.
The vehicles are being assembled at the new Greenfield Ultima Assembly Plant which is located in the northwestern region of Nigeria, Nairametrics further reported. The assembly plant will reportedly assemble 120 vehicles in a day running two shifts.
Dangote was born into a family of wealthy traders from northern Nigeria some 64 years ago. Dangote’s grandfather, Alhassan Dantata, traded mainly kola nuts and groundnuts. But Dantata was also one of the wealthiest men in the British West African colonies.
He is a resident of Lagos, Nigeria. He is divorced and has three children. He holds a Bachelor of Arts/Science, Al-Azhar University.