The CEO of Dangote Industries Limited, Aliko Dangote, witnessed his total net worth reducd by $900m recently as his flagship company became the highest loser when trading ended on the Nigerian Stock Exchange.
Bloomberg Billionaires Index, the ranking of the world’s 500 richest people, revealed that Dangote’s wealth dropped from $18.4bn to $17.5bn in one day. By implication, he dropped to 114th wealthiest man in the world from 106th the previous day.
Dangote’s net worth rose from $15.5bn on December 13 to close year 2020 at $17.8bn. In the first seven days of 2021, it gained an extra $600m but lost all of it and more in just one day.
The share price of Dangote Cement Plc, Nigeria’s biggest listed company and Africa’s largest cement producer, dropped by 8.13 percent to close at N225 from the previous day’s N244.90.
While talking about the development, Bloomberg said: “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.
“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.”
