Dangote, Rabiu make over N300bn in one week, to move up in Global Ranking

Dangote, Rabiu make over N300bn in one week, to move up in Global Ranking

Africa’s richest man, Aliko Dangote, and industrialist Abdulsamad Rabiu, have experienced a substantial boost in their net worth.

Data from Forbes shows that the two wealthiest men in Nigeria added $500 million(about N384.75 billion) into their net worth within a week( between August 13 to August 20, 2023), propelling them further up the global wealth ranking.

However, the third richest man in Nigeria, Mike Adenuga net worth was unchanged.

Aliko Dangote’s wealth surged from $10.8 billion on August 13 to $11.2 billion on August 20th, reflecting an increase of $400 million (N307.80 billion).

Dangote’s wealth increase is thanks the performance of his company, Dangote Cement, which is major source of his fortunes.

Checks by Legit shows that Dangote Cement’s share price increase by 2.88 percent to trade at N360 at the close of business on Friday, August 18 from the N349.9 share price it started the week.

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As a result, Dangote has regained his position as the richest man in Africa and has also seen an improvement in his global ranking to 158th place.

Abdulsalam Rabiu

Also, Forbes reports that Abdulsalam Rabiu’s net worth increased to $5.8 billion from $5.7 billion it started the week.

This represents an increase of $100 million(about N76.5 billion) for the BUA chairman within the review period.

The additional wealth has helped pushed up Rabiu’s ranking among the world’s wealthiest to 464th.

Mike Adenuga

However, it is a different story for Mike Adenuga as his net worth remained unchanged at $3.6 billion during the period under review.

Forbes reports that Adenuga who built his fortune in telecom and oil production, holds the 797th position on the list of the world’s richest men.

Dangote, Elumelu’s wealth soars N3.2bn in one day as UBA shares skyrocket to highest level in 2023

In a similar report, Legit.ng revealed that the chairman of United Bank for Africa, Tony Elumelu, and Africa’s Richest man Aliko Dangote have made a combined N3.2 billion in one day, following the increase in the UBAs shares.

Data obtained from the Nigerian exchange shows that the stock price of UBA increased to N14.9 per share on Friday, July 21, 2023.

This represents a 9.96 percent improvement compared to the 13.55 it traded the previous day.