According to Bloomberg Billionaire’s Index, Africa’s richest man, Aliko Dangote, lost a total of $900 million within 24 hours on Friday, January 8th after his company, Dangote Industries Ltd. emerged the biggest losers on the Nigerian Stock Exchange.
His networth apparently fell from $18.4bn on Thursday 7th, to $17.5bn on Friday 8th January, making him drop down 8 points to the 114th position of the wealthiest man in the world.
The share price of Dangote Cement Plc, the country’s biggest listed company, and Africa’s largest cement producer, reportedly tumbled by 8.13% to close at N225 on Friday from N244.90 on Thursday.
However, despite this loss, Dangote still maintained his place among the list of 500 billionaires across the world at No. 114, still retaining his position as Africa’s richest person.
The Bloomberg report reads,
“The majority of Dangote’s fortune is derived from his 86% stake in publicly-traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.
According to Bloomberg, Africa’s wealthiest man’s most valuable asset is his fertiliser plant, with a capacity to produce up to 2.8 million tonnes of urea annually.
Hopefully, Aliko Dangote is able to bounce back from his business woes.