Africa’s richest man heads to ths US avoid currency fluctuations

The owner of the biggest cement company in sub-Saharan Africa will use the base and an existing one in London to become more global after the completion of a $12 billion , 650 000 barrel-a-day refinery currently under construction in Nigeria.

The 62-year-old Nigerian entrepreneur became $4.3 billion richer last year as his fortune continued to grow thanks to investments in cement, flour and sugar. With a net worth of about $15 billion, he is ranked the 95th wealthiest man in the world, according to the Bloomberg Billionaires Index. His Dangote Industries conglomerate includes the Lagos-listed Dangote Cement and four other publicly traded companies that account for more than a fifth of the value of the Nigerian stock exchange.

The higher bills for consumers have stoked inflation in economies from Asia and Africa to South America in recent months, and the supply crunch for some commodities may extend into this year.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Outages are forcing us to overspendSo here I was thinking I was one of the clever blacks, having planned ahead as I did for the long month of January: School uniform – ticked; stationery – ticked; petrol money – ticked; food – ticked; December allowance – ticked. I was so ready
Source: City_Press - 🏆 7. / 72 Read more »

Editorial: Let each of us play our partAfter what has felt like a lifetime for many parents, the holidays are almost over for their children, who last saw a classroom at the beginning of last month. Their break ends this week as government schools reopen. So true....let the imagination run wild...
Source: City_Press - 🏆 7. / 72 Read more »

Spare us Trump's insanity, and bad reality shows on TVTHABISO MAHLAPE | But before you call me a grinch, remember Trump was a reality TV star. Today he is teasing a world war. Seems this publication is a bit out of date. The entire debacle has been settled, and there is no WWIII. The status quo remains. Iran will keep using it's proxies to commit terrorism, and USA will apply more pressure to abandon nukes and terrorist activities.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

Oil is hardly changed on easing US-Iran tensionBrent crude was down 2 cents at $64.96 per barrel, while West Texas Intermediate was up 3 cents at $59.07 a barrel
Source: BDliveSA - 🏆 12. / 63 Read more »

Gold loses ground before US-China trade dealSpot gold dipped 0.4% to $1,556.40 per ounce while US gold futures fell 0.2% to $1,557.10
Source: BDliveSA - 🏆 12. / 63 Read more »

Four soldiers injured in rocket strike on at Iraqi airbase hosting US military | IOL NewsA volley of rockets hit an Iraqi airbase north of the capital Baghdad on Sunday, injuring four Iraqi air force personnel, the army said. IranAttacks Iran
Source: IOL - 🏆 46. / 51 Read more »