Latest news with #DangoteSugar
Business Insider
11-08-2025
- Business
- Business Insider
Africa's richest man is just $700m away from a historic $30 billion net worth
Africa's richest man, Aliko Dangote, the industrial giant whose name is nearly associated with modern Nigerian industry, appears to be on the verge of achieving a significant new milestone. Aliko Dangote's net worth on Bloomberg's Billionaires Index is $29.3 billion, with a year-to-date increase of $1.2 billion. Dangote's wealth has fluctuated throughout the year due to market conditions and industry performance. Key contributors to Dangote's visible wealth include his public companies: Dangote Cement, Dangote Sugar, UBA, and NASCON. Bloomberg's real-time Billionaires Index presently values Dangote's net worth at $29.3 billion, a year-to-date rise of almost $1.20 billion that has reignited speculation about the continent's first-ever $30 billion person. That surge is noteworthy since it comes after a roller-coaster few months. At the start of the year, Dangote was valued at around $28.1 billion on Bloomberg's index. By mid-year, some trackers reported his net worth at $27.7 billion, with a mid-year YTD change of -$400 million, while an April snapshot had Dangote's YTD change at just +$153 million, demonstrating how unpredictable these headline figures can be as markets, currencies, and company results move. Reasons why Dangote's net worth is climbing Dangote Cement, Dangote Sugar, and Nascon are among the publicly traded companies that make up the majority of Dangote's visible wealth, as per the Punch. In terms of public assets, Dangote Cement is valued $5.54 billion, Dangote Sugar is worth $357 million, UBA is worth $484,000, and NASCON is worth $117 million. The $1.2 billion year-to-date gain has been attributed to strong share price movements on the Nigerian Exchange, as well as higher market valuations. Local coverage and market commentary attribute the recent share strength to strong operating results and improved Nigerian macroeconomic signals. Additionally, the Dangote Petroleum Refinery, a gigantic integrated refinery and petrochemical complex in Lekki, is his portfolio's single most transformative asset. Although the refinery is not listed (so values are simulated rather than market-priced), its output and export possibilities have significantly raised investor expectations for Dangote Group's future cash flows and the long-term worth of its ownership. Analysts and business journalists consistently highlight the refinery as a key cause for the wealth re-rating. So, is $30 billion imminent or simply headline bait? It's reasonable, not implausible. Dangote needs around $0.7 billion to surpass Bloomberg's $29.3 billion number.
Business Insider
12-06-2025
- Business
- Business Insider
Africa's richest man, Aliko Dangote steps down from one of his major establishments
Aliko Dangote will retire as Chairman of the Board of Dangote Sugar Refinery Plc on June 16, 2025, marking the end of two decades of leadership at one of Nigeria's most significant corporations. Aliko Dangote will retire as Chairman of Dangote Sugar Refinery Plc on June 16, 2025, concluding over two decades of leadership. Under his tenure, Dangote Sugar became a major entity in Nigeria's food industry, achieving significant expansions and projects. The Board acknowledged his contribution to advancing domestic sugar production through back integration initiatives in several Nigerian states. The declaration was made on Wednesday in a statement signed by Temitope Hassan, the company's secretary. 'In line with the principles of good corporate governance and succession planning, Dangote Sugar Refinery Plc hereby announces the retirement of our esteemed Chairman of the Board of Directors of the Company, Alhaji Aliko Dangote (GCON), effective June 16, 2025,' the statement read. Dangote, who founded the company in 2005 as one of the Dangote Group's primary subsidiaries, played a crucial role in developing the business into the dominant player in Nigeria's food sector. Dangote Sugar, under his leadership, completed large expansion projects and grew the company into a major pan-African enterprise. As per the statement, the corporation undertook important Backward Integration Projects in Adamawa, Taraba, and Nasarawa States under his direction in order to boost domestic sugar output and lessen reliance on imports. To facilitate a smooth transition, the Board has selected Arnold Ekpe, an independent non-executive director, as the next chairman. Ekpe has extensive expertise in the post, having held executive roles in many African banking and industrial enterprises, as seen in the Punch. His appointment represents continuity and stability as the corporation navigates its next chapter of expansion beyond Dangote's legacy. 'Following a rigorous selection and transition process, the Board is pleased to announce the appointment of Mr. Arnold Ekpe, Independent Non-Executive Director, as the new Chairman of Dangote Sugar Refinery Plc. effective 16th June 2025,' the statement reads. 'We welcome Mr. Ekpe to his new role and look forward to the next chapter in our Company's journey under his leadership. We also express our deep appreciation to Alhaji Aliko Dangote for his years of exemplary service and unwavering commitment to excellence,' it added,
