Dangote Earned N17.83 Million per Minute from January 1 to 21, 2022

Bloomberg revealed that Aliko Dangote, Africa’s richest man, is now worth $20.4 billion after earning a whooping $1.3 billion in the first three weeks of this year. Converted to NGN, Dangote netted N539.43 billion from January 1-21, 2022, meaning that he generated an income of N17.83 million every minute of the first three weeks of this year.

Bloomberg estimates that with Dangote’s new $20.4 billion worth, he is now almost as rich as the African nation of Senegal which has a GDP of $24.9 billion. The 64-year-old billionaire is one of the 35 billionaires in the world’s top 100 billionaires that generated massive wealth in the first three weeks of 2022.

Dangote’s worth grew following the second share buyback of his cement company, Dangote Cement, which now has a market capitalization of N4.9 trillion and a share price of N265.7 on Friday. The company generated 11% profit at the turn of the year and is on the way to becoming the wealthiest company in Nigeria in terms of market value.

Dangote’s wealth is expected to soar highest when his $19 billion oil refinery is launched this year. The refinery has a capacity of 650,000 barrels of oil per day and may be the biggest single-train refinery in the world, occupying a size of land that is almost six times the size of Victoria Island in Lagos State.

The Kano-born billionaire’s worth rose by $2.3 billion to $20.1 billion by December 3, 2021 when his fertilizer company gained tremendous value. In 2018, Dangote told Financial Times journalist David Pilling that he looks forward to buying English football club, Arsenal. Pilling said he said it as if he was talking about buying an iPhone smartphone.