Nigerian Billionaire Aliko Dankote’s US$640 million dividend higher than yearly government spending of  5 African countries

Dangote Cement, the leading cement producer in Africa, boasts a total production capacity of 51.55 million tonnes of cement per year spread across 10 countries. Majority-owned by Aliko Dangote, the company generated a revenue of US$3.52 billion in 2022, surpassing the GDP of ten African countries. 

Such a robust financial performance prompted the board of directors to approve a final dividend payout of US$740.1 million to shareholders. Given his 86 percent stake in the company, Aliko Dangote, Africa’s richest man, stands to receive a dividend of US$640.6 million.

The upcoming dividend of US$640.6 million, due to be paid into Aliko Dangote’s bank account on 14 April, is a staggering sum that warrants comparison with the annual government expenditures of some African countries.

In fact, recent research by Billionaires.Africa has revealed that Dangote’s dividend exceeds the yearly government expenditures of some African countries.

Data tracked by Trading Economics, a New York-based IT services and consulting firm that provides accurate economic information for 196 countries, shows that the following five African countries have a lower annual government expenditure than Dangote’s dividend:

Continued next page

(267 VIEWS)