Dangote now richer than Russian billionaire Abramovich


A new report from Bloomberg indicates that Nigerian industrialist, Aliko Dangote has overtaken Russian businessman and owner of Chelsea Football Club, Roman Abramovich on the global billionaires list.

According to Bloomberg, Aliko Dangote’s net worth has risen by $934 million since the first trading day of the current calendar year, making him the 83rd richest person globally.

It said the African billionaire businessman’s total fortune is now worth $20 billion, letting him overtake Russian businessman on the publication’s billionaires list.

This comes amidst sanctions on Russian following attacks on Ukraine, even though it is not yet clear whether the sanctions have yet affected the fortunes of Abramovich.

Since the commencement of the share buyback program, the company’s shares have soared by 7% on the Nigerian Exchange, thanks to stockbroker buying activities and investor reactions.
In the first tranche of its share buyback program, the cement behemoth bought back shares worth N9.77 billion ($23.56 million). In the second tranche of its share buyback program, the cement manufacturer acquired a 0.74-per cent stake for N35.1 billion ($84.5 million).

Dangote was ranked the 97th richest person in the world back in January, with a net worth of $19.2 billion. At the time of writing, the Nigerian billionaire is now ranked the 83rd richest person in the world, vaulting over popular Russian businessman and owner of Chelsea Football Club Roman Abramovich, who is now ranked 124th on the list of the world’s 500 richest people.

Dangote has repeatedly spoken of his desire to purchase Arsenal Football Club, saying last year he intended to launch a bid for the English Premier League team. In an interview with Bloomberg last year, the Nigerian billionaire explained that he would look into buying Arsenal once construction had been completed on his oil refinery, which is set to become operational in Q3 2022.

The Dangote Group believes that the pipeline Infrastructure, which cost an estimated $19bn to build, is designed to process enough crude to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude. In addition, the world-class industrial complex will create a market for $11 billion per annum of Nigerian crude.


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