Africa’s richest man, Aliko Dangote, reportedly loses $ 900 million in 24 hours.
A staggering $ 900 million was reportedly lost to Africa’s richest man, Aliko Dangote.
The billionaire lost money on Friday, January 8, 24 hours after his firm, Dangote Industries Limited, became the largest underdog in the Nigerian stock exchange.
According to the Bloomberg Billionaire Index, Dangote’s fortune will fall from $ 18.4 billion on Thursday to $ 17.5 billion on Friday, making him the 114th richest person in the world, up from 106 a day earlier.
The report also shows that Dangote’s net worth fell from $ 15.5 billion on Dec 13 at the end of 2020 to $ 17.8 billion. He also made $ 600 million in the first week of 2021, but he lost everything and more last Friday.
Dangote Cement Plc, the country’s largest publicly traded company and Africa’s largest cement producer, reportedly fell 8.13% to N225 on Friday from 244.90 on Thursday.
Despite the loss, Dangote retained his place in the list of 500 billionaires around the world at number 114 and remained the richest person in Africa until Friday.
“Much of Dangote’s fortune comes from its 86% stake in the publicly traded company Dangote Cement. He owns shares in the company directly and through its conglomerate Dangote Industries, ”Bloomberg said.
According to an international news agency, its most valuable resource is a fertilizer plant capable of producing up to 2.8 million tonnes of carbamide per year.
“The $ 12 billion refinery currently under construction in Nigeria is not included in the estimate because it is not yet operational and the construction costs are estimated to be higher than its current value,” he said.