Aliko Dangote’s status as one of the world’s wealthiest men has been jeopardized after he was demoted from the top 60 wealthiest people list.
Despite the gain in money, Aliko Dangote has dropped to 72nd place on the list of the world’s richest men after his fortune increased by over $1.7 billion this year to $20.2 billion as of June 8, 2022.
Dangote was recently ranked 67th richest person on the list, while Johann Rupert reclaimed his status as South Africa’s richest man by passing Nicky Oppenheimer.
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Experts say he might soon return to the top 60 or more on the wings of his newly launched fertiliser plant and the Dangote Refinery which is expected to commence operations by Q3 2022.
Meanwhile, a report published by Fitch, the world’s biggest global rating agency, alleged that the Aliko Dangote was seeking to raise an additional $1.1 billion (900 billion) to complete the refinery but had invested all his cash and even borrowed to finance the refinery project.
According to the report, the Dangote refinery project is still on track to be completed by 2023 and requires an additional USD1.1 billion capex in 2022 to be partly funded by the new bond.
The report adds that Dangote Industries Limited (DIL) is planning to establish a local bond programme amounting to USD750 million to partially finance the completion of its refinery and petrochemical plant. DIL’s subsidiaries – Dangote Oil Refining Company Limited (DORC) and Dangote Fertiliser Limited (DFL) – will be co-obligors under the proposed programme.