As usual, the man is making much of his cash from a product, CEMENT, that Nigerians are being made to pay more compared to other African countries, where Cement is sold for about just N500...
The cement manufacturer’s unaudited results for the 3 months ending March 31 had showed that Dangote's pre-tax profit rose to $339 million, representing an 80.6% increase from last year and a strong indicator of the company’s future earning potential. The results also indicate a 79.5% rise in its earnings per share over the corresponding period last year.
Dangote, the President/Chief Executive of the pan-African conglomerate, the Dangote Group, has become the first African entrepreneur to lay claim to a $20 billion fortune as the stock value of the flagship of his holding, Dangote Cement, leaped just about three-fourths since March, when Forbes last released its annual ranking of the world’s richest people.
With a current market cap of $20.5 billion, Dangote Cement becomes the first Nigerian company to achieve a market capitalization of over $20 billion.
Consequently, Dangote, making his money from poor Nigerians, is richer than Russia’s richest man, Alisher Usmanov, richer than India’s Lakshmi Mittal and running neck and neck with India’s Mukesh Ambani.
Nigerians, the less you look the more you will see. #GoFigure. Congrats Dangote!
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