Encomium
Africa’s pride and the continent’s biggest investor, Alhaji Aliko Dangote, 57, is slowly making his way up the rich list… and today, Friday, November 14, 2014, his net-worth climbed to $20.9 billion (N3.553 trillion).
On the Forbes rich list, the President of Dangote Group is number 37, still Africa’s richest man.
His fortunes swung up and down in the last two weeks, settling at $25 billion (N4.250 trillion) at its highest and $19.5 billion (N3.315 trillion) at its lowest. His Forbes ranking also dangled from 23 to 38, 37 and 35 in the same period. In two days last week, he lost N935 billion.
The mogul’s cash cow, Dangote Cement has been experiencing mixed fortunes on the stock market, losing over N20 per share. But it is bouncing back as it settles at N205.90 (from N187.11) per share at the close of trading today.
The stock market has been experiencing hiccups, with fears of a crash reminiscent of 2008 woes when many lost their life’s savings. The falling oil price, exit of foreign investors, insecurity occasioned by insurgency and upcoming 2015 elections and crashing naira against the dollar have been advanced for crashing stocks.
Today, however, the market recorded some gains as capitalization rose to N11.718 trillion against N11.002 last week.
