How Dangote Lost $900m in One Day, Drops on World’s Billionaires List to 114

Africa’s richest man, Aliko Dangote’s fortune suffered a setback over the weekend as he lost $900 million, Bloomberg reports.

The billionaire’s company, Dangote Industries Limited, was the biggest loser at the close of trading on the Nigerian Stock Exchange on Friday, January 8. The share price of Dangote Cement Plc, Africa’s largest cement producer, fell by 8.13 percent to close at N225 on Friday from N244.90 on Thursday, the report said.

Following the loss, Dangote’s wealth fell from $18.4bn on Thursday to $17.5bn on Friday, dropping his position on the Bloomberg Billionaires Index of wealthiest men in the world from 106 to 114.

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As of December 13, 2020, Dangote’s net worth was $15.5 billion and by year-end it had jumped to $17.8 billion. And within the first week of 2021, he had raked in $600 million, but lost it all last Friday.

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

However, Dangote remains Africa’s richest person at the time of filing this report.

According to the international news agency, Dangote’s most valuable asset is a fertiliser plant which can produce up to 2.8 million tonnes of urea annually.