Cape Town – African billionaire Aliko Dangote is reportedly now richer than popular Russian businessman and owner of Chelsea FC Roman Abramovich.
According to Business Insider, Dangote’s net worth has risen by $934 million since the first trading day of the current calendar year.
The rise comes as a result of a share buyback programme which saw Dangote Cement Plc’s shares soaring by 7% on the Nigerian Exchange.
Dangote Cement Plc announced on January 19 that it would buy back up to 170 million shares, or 1% of its issued shares, over the course of two days.
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“In the first tranche of its share buyback program, the cement behemoth bought back shares worth N9.77 billion ($23.56 million). In the second tranche of its share buyback program, the cement manufacturer acquired a 0.74-per cent stake for N35.1 billion ($84.5 million),” the report said.
Thanks to stockbroker buying activities and investor reactions, Dangote ranked the 83rd richest person globally up from the 97th spot.
He surpassed Abramovich who is now ranked 124th on the list of the world’s 500 richest people.
Fin24 reported that the Nigerian cement tycoon is set to further boost his wealth by completing a $19 billion refinery project that is set to begin operations this year.
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The 650 000 barrels per day crude processor has enough capacity to meet all of Africa’s domestic fuel needs while also increasing exports.
However, once the oil refinery constructions are completed, Dangote may look into purchasing Arsenal Football Club, as he has repeatedly expressed a desire to purchase the English Premier League team and even planned to make a bid last year, the report said.
According to Pulse, during an interview In an interview with Bloomberg in 2020 said about Arsenal:
“It is a team that, yes, I would like to buy someday but what I keep saying today we have 20 billion dollars worth of projects and I think that is really what I want to concentrate on.
“I am trying to finish building the company and then after we finish maybe sometime in 2021… I am not buying Arsenal right now, I am buying Arsenal when I finish all these projects because I am trying to take the company to the next level.”
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Compiled by Sinothando Siyolo
