Africa’s richest man Aliko Dangote’s wealth dropped by $900 million

Bloomberg Billionaires Index, which is a ranking of the world’s 500 richest people, showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday

0
Africa's richest man Aliko Dangote's wealth dropped by $900 million www.emergingbusinesslab.com
Nigerian businessman and Africa’s richest man Aliko Dangote leaves the Elysee presidential Palace following a meeting between the French President and French and African businessmen on October 7, 2016, in Paris. (Photo by STEPHANE DE SAKUTIN / AFP)

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, saw his total net worth drop by $900m on Friday as his flagship company emerged the biggest loser at the end of trading on the Nigerian Stock Exchange.

Bloomberg Billionaires Index, which is a ranking of the world’s 500 richest people, showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day.

Also Read: Elon Musk beats Jeff Bezos to become world’s richest person

Dangote’s net worth had risen from $15.5bn on December 13 to close the year 2020 at $17.8bn. It further gained $600m in the first seven days of 2021 but lost all of it and more last Friday.

The share price of Dangote Cement Plc, the country’s biggest listed company, and Africa’s largest cement producer, tumbled by 8.13 percent to close at N225 on Friday from N244.90 on Thursday.

Dangote was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person as of Friday.

“The majority of Dangote’s fortune is derived from his 86 percent stake in publicly-traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries,” Bloomberg said.

His most valuable closely held asset is a fertilizer plant with a capacity to produce up to 2.8 million tonnes of urea annually, according to the international news agency.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept