Aliko Dangote is 'Africa's First $20 Billion Man'; ...ranks world’s 25th richest man!

Renowned international journal, Forbes, has said Africa’s richest man, Aliko Dangote, is now 25th richest man in the world.

Forbes also said Dangote is now the first African entrepreneur to lay claim to a $20 billion fortune as the stock value of his largest holding, Dangote Cement, leaped just three months after it released its annual ranking of the world’s richest people.

The report noted that Aliko Dangote’s 93 percent stake in the cement company is now worth $19.5 billion.

This was in addition to his controlling stakes in other publicly-listed companies like Dangote Sugar and National Salt Company of Nigeria and his significant shareholdings in other blue-chips like Zenith Bank, UBA Group and Dangote Flour.

His extensive real estate portfolio, jets, yachts and current cash position, which includes more than $300 million in recently awarded Dangote Cement dividends, Dangote is now worth more than $20 billion. The price is largely a market response to the company’s impressive 2013 Q1 results.

The cement manufacturer’s unaudited results for the three months, ending on March 31, showed that the company’s pre-tax profit rose to $339 million, representing an 80.6 percent increase from last year and a strong indicator of the company’s future earning potential.

The results also indicate a 79.5 percent rise in its earnings per share over the corresponding period last year.