Aliko Dangote is off to a great start to 2022, adding around $950 million to her fortune so far this year. The Nigerian billionaire’s wealth has increased following a rise in Dangote Cement Plc’s share price since the start of the year.
Last year, MTN Nigeria achieved net revenue of N298.65 billion in 2021, compared to N267 billion for Airtel. MTN recorded record growth of 22.90% and Airtel record growth of 22.5%
Aliko Dangote’s wealth has increased within this range in a month
In December last year, Dangote Cement announced that it would buy back up to 170 million shares, or 1% of its issued shares, over two days from January 19.
Since the start of the buyback program, the company’s shares have jumped 7% on the Nigerian Stock Exchange, thanks to broker buying activity and investor reactions. In the first tranche of its share buyback program, the cement giant bought back shares worth 9.77 billion naira ($23.56 million).
In the second tranche of its share buyback program, the cement maker acquired a 0.74% stake for 35.1 billion naira ($84.5 million). The total cash consideration spent on the share buyback program amounted to 35.1 billion naira ($84.5 million), Billionaires Africa reported. Recently, Dangote Industries Limited said its integrated refinery project owned by the Nigerian billionaire would start processing crude oil refining in the third quarter of this year.
The Dangote Group estimates that the infrastructure of the pipeline, which cost around $19 billion to build, is designed to process enough crude to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into a exporter of refined crude. Additionally, the world-class industrial complex will create an $11 billion a year market for Nigerian crude.