Emerging report indicates that Aliko Dangote, the President/Chief Executive of Dangote Industries Limited, lost a total of $900 million of his net worth, on Friday.
This occurred as his flagship company emerged as the biggest loser at the end of trading on the Nigerian Stock Exchange, NSE.
Bloomberg Billionaires Index, which is a ranking of the world’s 500 richest people, showed that Dangote’s wealth fell from $18.4 billion on Thursday, to $17.5 billion on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day.
Dangote’s net worth had risen from $15.5 billion on December 13, to close the year 2020, at $17.8 billion. It further gained $600 million in the first 7 days of 2021, but lost all of it and more last week Friday.
The share price of Dangote Cement Plc, the country’s biggest listed company and Africa’s largest cement producer, tumbled by 8.13 percent, 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.
Bloomberg report read: “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.”
His most valuable closely held asset is a fertiliser plant with capacity to produce up to 2.8 million tonnes of urea annually, according to Bloomberg.
“A $12 billion Oil refinery that is currently being developed in Nigeria, is not included in the valuation, because it is not yet operational, and construction costs are calculated to outweigh its current value”, the statement added.
This new development emerges after two ladies exposed their relationships with the very private Billionaire, leaking an embarrassing photo showing the private area of the Richest Black Man in the world, which left some of his supporters a little disappointed.
More news later…