(Ecofin Agency) - Africa's richest man derives most of his fortune from his 86% stake in Dangote Cement Group, which is currently valued at more than $9 billion.

Nigerian business mogul Aliko Dangote (photo)’s net worth has moved closer to the $20 billion mark.  According to the latest update of the Bloomberg Billionaires Index on Tuesday 14 March, the business mogul’s net worth has increased by $952 million this year, reaching $19.6 billion. 

This sharp rise is mainly due to the rise in the market capitalization of Dangote Cement, which is listed on the Nigerian Stock Exchange. Since January 1, 2023, Dangote Cement's share price has risen by more than 10.34%, from NGN261 ($0.57) to NGN288 ($0.63). The cement group, which operates in ten African countries, announced in February a record profit of $830.3 million in 2022, up 4.9% from 2021.

Aliko Dangote derives most of his wealth from his 86% stake in Dangote Cement, which is currently valued at over $9 billion. He is also the CEO of Dangote Group, a conglomerate of more than a dozen groups with interests in the cement, sugar, flour, salt, pasta, beverages, and real estate sectors. 

The richest man in Africa, Aliko Dangote is also the richest black man in the world and the 83rd richest person in the world.