How Naira Devaluation Is Dealing With Dangote’s Networth
Home News $400 Millon Loss: How Naira Devaluation Is Dealing With Dangote’s Networth
News - June 23, 2023

$400 Millon Loss: How Naira Devaluation Is Dealing With Dangote’s Networth

The devaluation of the naira has given Aliko Dangote’s networth a serious blow. This comes as the Nigerian Billionaire’s net worth suffered a $400 million loss within the past seven days.

Reports say Dangote’s networth dropped from $10.8 billion to $10.4 billion. This development comes after Dangote lost his place as Africa’s richest man. Recall that the Nigerian business magnate lost about $3.4 billion when Naira plummeted to a record low on the 13th of June, 2023.

How it all started?

Dangote’s loss began when the Central Bank of Nigeria, CBN, decided to allow market forces to dictate the value of the naira. Traders hinted that the apex bank had removed trading restrictions on the official market, which drove the naira to a record low of 750 to the dollar on the official market.

The CBN’s decision made Nigerian billionaires record significant losses. As the downward pressure on the naira intensifies, leading to another drop in its value to a new low of 811 to the dollar, Nigerian billionaires like Dangote will experience significant losses in their fortune.

How Dangote’s networth sums up his assets

According to reports, the majority of Dangote’s fortune lies in his 86% ownership of listed firm Dangote Cement, the continent’s largest cement producer. Dangote also derives a total of $5.15 billion from the Dangote Fertilizer Plant.

Moreso, the billionaire owns a 72.3 per cent stake in the Dangote Sugar Refinery Plc, Nigeria’s largest household and commercial sugar producer. Dangote also derives his fortune from his 62.6 per cent stake in Nascon Allied Industries Plc, Nigeria’s largest salt-processing company.

As Dangote grapples with the loss of his coveted title and a significant reduction in his net worth, financial analysts and Nigerians are watching to see how the business tycoon will navigate these turbulent times.

Leave a Reply

Check Also

Ondo Assembly Initiates Impeachment: Deputy Governor Lucky Aiyedatiwa Faces Gross Misconduct Charges

The Ondo State House of Assembly has plunged into a significant political development, dir…