After losing $200 million in October, Africa’s richest man Aliko Dangote saw his net worth increase by $1.5 billion in November as the shares of his publicly traded companies rose sharply.

The Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 wealthiest people, revealed that his net worth increased by $1.5 billion in November, reversing losses of $611 million in the first 10 months of 2022.

The $1.5-billion increase in his net worth in November, which saw his wealth figures surge to $19.1 billion from $17.6 billion at the start of the month, can be attributed to the recent rise in the market value of his flagship company, Dangote Cement Plc, Africa’s largest cement company, as shares in the company rebounded strongly following the previous months’ bear market lows.

Dangote, Africa’s richest man, and the world’s richest black person derives the majority of his wealth from an 86-percent stake in Dangote Cement, which is presently worth $8.64 billion. An additional $5.15 billion of his wealth is linked to his closely held fertilizer plant, which has the capacity to produce up to 2.8 million metric tonnes of urea per year.

With the billion-dollar increase in his net worth that wiped out his year-to-date wealth loss of $611 million at the start of the month, the Nigerian billionaire joined other African businessmen like Nassef Sawiris, Nicky Oppenheimer, and Abdul Samad Rabiu who have recorded a significant increase in their wealth this year.

At the time of drafting this report, Dangote’s year-to-date net worth gain is estimated to be $12.8 million, while the market value of his 86-percent stake in his cement company, Dangote Cement is worth $8.64 billion accounting for a significant proportion of his $19.1-billion fortune.

In recent times, Dangote has committed more than $700 million to expand the operation of his sugar company, Dangote Sugar Refinery, by increasing the refining capacity of one of its plants, DSR Numan, from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, 9,800 tcd, and 15,000 tcd.

The leading billionaire announced that the investment will create at least 300,000 jobs in Nigeria as he continues to strategically invest in his sugar business in accordance with the Nigeria Sugar Master Plan requirements.