Billionaires List: Dangote Loses $900m, Drops To 8th Position

Aliko Dangote straightnews
Aliko Dangote

Dangote Industries Limited was the biggest loser at the end of trading on the Nigerian Stock Exchange, Friday.

As a result, Aliko Dangote, its owner and net worth abysmally dropped by $900 million.

Bloomberg Billionaires Index which ranks the first 500 richest people in the world showed that his wealth fell from $18.4 billion on Thursday to $17.5 billion on Friday.

This took him from 106th to 114th on the list of wealthiest people in the world.

Bloomberg said, ”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.

“A $12 billion oil refinery that is currently being developed in Nigeria isn’t included in the valuation because it’s not yet operational and construction costs are calculated to outweigh its current value,” Dangote is the only Nigerian on the list.