Richest man in Africa sells stocks to foreign buyers

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Aliko Dangote (L), President and Chief Executive Officer, Dangote Group, Nigeria at the Annual Meeting 2015 of the World Economic Forum in Davos, January 22, 2015. JOLANDA FLUBACHER/NURPHOTO

Aliko Dangote (L), President and Chief Executive Officer, Dangote Group, Nigeria at the Annual Meeting 2015 of the World Economic Forum in Davos, January 22, 2015. JOLANDA FLUBACHER/NURPHOTO

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Aliko Dangote (L), President and Chief Executive Officer, Dangote Group, Nigeria at the Annual Meeting 2015 of the World Economic Forum in Davos, January 22, 2015. JOLANDA FLUBACHER/NURPHOTO

Aliko Dangote (L), President and Chief Executive Officer, Dangote Group, Nigeria at the Annual Meeting 2015 of the World Economic Forum in Davos, January 22, 2015. JOLANDA FLUBACHER/NURPHOTO

JOHANNESBURG - Africa's richest man, Aliko Dangote, sold a 2.3 percent stake in Dangote Cement to foreign buyers.

The stock market deal is valued at about $230-million (R3.05-billion).

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The Nigeria stock exchange confirmed the sale, saying that 416-million shares of Dangote Cement were traded.

In 2013, Dangote Industries sold a 1.5 percent of its 95-percent stake in Africa's biggest cement producer, to South Africa's Public Investment Corporation (PIC).

Dangote faces stiff competition on the continent from French cement maker, Lafarge.

The latter combined its Nigerian and South African businesses to accelerate growth in Africa.