- Bearish sentiment dominates stock market as investors lose N127.3bn
Nigerian billionaire and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has seen his net worth double to $28 billion following the commencement of operations at his long-anticipated oil refinery.
As reported by the Bloomberg Billionaires Index on Thursday, the launch of Nigeria’s highly anticipated oil refinery, now fully operational, has substantially boosted the wealth of the nation’s industrial magnate.
Dangote’s refinery, situated within the Lekki Free Trade Zone in Ibeju-Lekki, Lagos, stands as the world’s largest single-train oil refinery and one of the most advanced, with the capability to process a wide range of global crude oil types.
“It has the potential to transform Nigeria’s economy by making the country self-sufficient in fuel production. And it has more than doubled his net worth to $27.8 billion,” stated Bloomberg.
Expectations are high, with reports suggesting that the refinery is set to reshape Nigeria’s energy sector by producing refined petroleum products domestically, potentially ending the country’s dependence on fuel imports.
Analysts predict Dangote’s wealth could grow even further in the coming months.
As the refinery ramps up production and expands its portfolio of refined products, Dangote is poised to dominate Nigeria’s fuel market, with plans to export a portion of the output to other African nations.
At 67, Dangote has built most of his wealth through his 86 per cent stake in Dangote Cement, a company valued at over $9 billion, with operations in 10 African countries.
In addition to cement, the Dangote Group has interests in sectors such as food production, fertilisers, and real estate.
Bearish sentiment dominates stock market as investors lose N127.3bn
Meanwhile, the Nigerian stock market continued its bearish trend on Thursday as the market index NGX ASI fell by 0.21 percent to close at 98,081.38 points.
This decline resulted in a 0.21 percent drop in market capitalization, which settled at ₦59.43 trillion, causing investors to lose ₦127.3 billion due to sell-offs.
However, despite the negative sentiment, 29 stocks advanced, while 16 declined. Top gainers included GOLDBREW up by 10.00 percent; DEAPCAP gained 9.85 percent, TRANSPOWER advanced by 9.68 percent, JAIZBANK rose by 8.64 percent, and TRANSCOHOT increased by 7.78 percent.
On the losing side, ARADEL, REGALINS, DAARCOM, UACN and OANDO declined by 10.00 percent, 8.82 percent, 6.78 percent, 6.70 percent, and 5.82 percent respectively to lead the losers table.
Sectoral performance was mostly positive, with the insurance sector gaining 1.13 percent, consumer goods edging up 0.01 percent, oil/gas rising 0.92 percent, and industrial goods inching up 0.08 percent. However, the banking sector declined by 0.57 percent.
The overall bearish market dampened trading activity, with the number of deals, volume, and value dropping by 9.85 percent, 30.77 percent, and 0.21 percent, respectively.
In total, 232.19 million shares were traded across 7,175 deals, totaling ₦6.23 billion. STERLINGNG led trading volume with 42.8 million units worth N213 million traded in 283 deals, while ARADEL topped the value chart.
