Africa’s wealthiest individual and Business tycoon, Aliko Dangote, who recently re-entered the exclusive club of the world’s top 100 billionaires, has fallen below the $16 billion mark and consequently exited the top 100 world rich list.
Data from the Bloomberg Billionaires Index shows a noteworthy $1.6 billion decrease in his net worth, reducing it from $17.4 billion on September 1 to $15.8 billion as at press time.
The decline represents a substantial shift in Dangote’s financial standing, according to Bloomberg, following a period of remarkable growth from June 25 to September 1 when his net worth had risen from $15.1 billion to $17.4 billion.
The Dangote Group is a Nigerian multinational industrial conglomerate, founded by Aliko Dangote. It is the largest conglomerate in West Africa and one of the largest on the African continent. The group employs more than 30,000 people, generating revenue in excess of US$4.1 billion in 2017.
The company was founded in 1981 as a trading enterprise, importing sugar, cement, rice, fisheries, and other consumer goods for distribution in the Nigeria market. The group moved into manufacturing in the 1990s, starting with textiles, moving onto flour milling, salt processing and sugar refining by the end of the decade.
The company next moved into cement production, growing rapidly and moving into other African countries. A high degree of vertical integration is a hallmark of Dangote Group’s operating strategy.
The group now owns and operates over 18 subsidiaries, operating in ten African countries. Dangote Cement, is one of these subsidiaries that is listed on the Nigerian Stock Exchange, with its market capitalization accounting for almost 20 percent of the total capitalization of the Nigerian Stock Exchange. Dangote Group is headquartered in Lagos.
In 2016, Dangote signed a contract with CNOOC Group for the installation of a large underwater offshore pipeline.
The pipeline, when completed, will extend from Bonny (Rivers State) through Ogedegbe, Olokola to Lekki and the Escravos Lagos pipeline, finally terminating at the West Africa Gas Pipeline.