Africa's richest man, Aliko Dangote has reportedly lost $900 million, equivalent to N343 billion in less than 24 hours.
The billionaire magnate lost this after his company, Dangote Industries Limited emerged the biggest loser at the end of the trading on the Nigerian Stock Exchange (NSE), mark
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
Dangote's net worth had risen from $15.5bn on December 13 to cloday.et. se 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.
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 per cent 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 fertiliser plant with a capacity to produce up to 2.8 million tonnes of urea annually, according to the international news agency.