Fakoyejo OlalekanAliko Dangote, the founder of cement business, Dangote Cement, will earn a whooping N292.98 billion within a period of twelve months, according to analysis of his investment in the manufacturer, which is the largest in Nigeria.
Dangote, who is the wealthiest man in Africa, will rake in that amount due to the company’s decision to pay all shareholders a dividend of N20 per share held in the cement producer for the period ended December 31, 2021.
Join our WhatsApp ChannelThe billionaire owns a total of 14.64 billion shares in Dangote Cement, which is split into Indirect shares of 14.62 billion held through Dangote Industries Limited (DIL), and Indirect stake of 27.64 million, as at the end of last year, according to checks in the firm’s financial statements.
Prime Business Africa analysis shows Dangote will earn the sum of N552.85 million from his indirect stake in the cement manufacturer, while he will collect another N292.42 billion due to his indirect DIL shares.
This brings is total earnings from dividend to N292.98 billion in a single calendar year for 2021. Currently, Dangote is worth $14 billion according to the Billionaire Index by Forbes, but in May, he was worth $15 billion. He has topped the African billionaire list in the past twelve years.
This whooping sum comes amid report that Dangote doesn’t have enough cash to finance the completion of the refinery project, and would need to raise capital through the bonds market or sell some of his shares in his cement company.
The billionaire has postponed commencement date for the operation of the refinery twice, previously due to Coronavirus outbreak, and the COVID-19 induced lockdown, which strained on ongoing construction work at the project site.
In May, ratings company, Fitch, reported that the billionaire is in need of $750 million to fund the oil refinery if the facility is to be completed and ready for operation before the end of the year. It was gathered that investors in the securities market might not be willing to continue funding the project if it fail to kickoff before 2023.
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