As the stock rally enters seventh week, there were indications that Aliko Dangote, Africa’s richest man and President of Dangote Group, has recorded a $1.1 billion (about N341 billion) increase in fortune over the last six days. Nigerian Stock Exchange, NSE, rally led to a 15.7 per cent rise in Dangote Cement shares last week and yesterday the company was among the top five gainers where the NSE market capitalisation index rose 21.22 per cent Year-to-Date, YtD.
With the cumulative rally which saw NSE gaining about N1.06 trillion between last week and yesterday, market reports indicated that about 30 percent of that has gone to Dangote Cement, where Aliko Dangote is the majority shareholder. Within these days, Dangote Cement stock price has improved from N167.10 on May 30, to a 52-week high of N210 per share yesterday.
According to Bloomberg Billionaire Index, Dangote stands at the 123rd spot on the global billionaire ranking, and the richest man in Africa. Dangote Cement is currently worth about N3,578,506,555,050 on the Nigerian bourse — about one third of the entire exchange.