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Business & Finance

Africa’s Richest Man, Aliko Dangote ‘Owns’ Nearly Half of Stock Exchange

Aliko Dangote
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At 43 percent, Dangote Group, predominantly owned by its president Aliko Dangote, Africa’s richest man, owns about half of the stocks listed on the Nigerian Stock Exchange.

The business mogul, who was recently rated by Forbes Magazine to be richer than all Nigerian dollar billionaires put together, owns 90 percent shares in one of NSE’s premium brand, Dangote Cement.

According to Forbes, Dangote’s ownership of 90 percent of Dangote Cement is against the existing NSE rule book, but there plans to reduce the billionaire’s ownership in 2016. “In 2015 Dangote Cement launched new plants in Cameroon, Ethiopia, Zambia and Tanzania.

The company produces more than 30 million metric tons annually, and plans to double capacity by 2018,” Forbes said. “Dangote owns about 90% of publicly-traded Dangote Cement through a holding company; this percentage exceeds the 80% ownership ceiling set by the Nigerian Stock Exchange.

“A spokesman for Dangote told Forbes that the company has until October 2016 to lower Aliko Dangote’s stake and plans to do so by then.” As at close of business on Wednesday, checks by THISDAY, confirmed by TheCable, showed that four of Dangote’s companies listed on the NSE had a market capitalisation of N3.8 trillion – about 43 percent of N8.9 trillion.

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Despite his wealth and his place as the 61st richest person on the planet, Dangote said in August, 2015, in a meeting with Ban Ki-moon, the United Nations (UN) secretary-general, that he does not want to be Africa’s richest man, but the continent biggest philanthropist. “I set up Dangote foundation in 1994 based on a simple premise; to whom much is given, much is required.

That has meant for me, looking at the poor among us, and being compelled to bring some relief,” he had said. “I don’t only want to be known as the richest person in Africa, but the biggest philanthropist.

“I want to use my resources and my voice to help shape a better Nigeria, and I call on fellow business men and women that are here with us, to work in their own ways to join me in this trajectory.” In 2015, Dangote and 61 others were richer than 3.5 billion people around the world.

TheCable


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