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Dangote Loses $900m In 24 Hours, Drops Down In Billionaire List

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The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has dropped down from 106th to 114th in the list of the wealthiest men/women in the world.

According to Bloomberg Billionaires Index, Dangote’s 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 (NSE).

Bloomberg showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday.

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 per cent to close at N225 on Friday from N244.90 on Thursday.

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

“A $12bn oil refinery that is currently being developed in Nigeria isn’t included in the valuation because it’s not yet operational and construction costs are calculated to outweigh its current value,” it said.

Dangote, who is the only Nigerian on the list of 500 billionaires list, retained his position as Africa’s richest person.

Source: Naija News