Dangote’s net worth crashes as he loses $900m in a day
The Chairman Dangote Group, Aliko Dangote’s total net worth crashed and dropped by $900m on Friday shaking his position on the billionaires list.
The crash followed a loss encountered by his flagship company at the end of trading on the Nigerian Stock Exchange (NSE), making him the biggest loser of the day.
The share price of Dangote Cement Plc. crashed by 8.13 per cent, closing at N225 on Friday from N244.90 on Thursday.
According to Bloomberg Billionaires Index, Dangote’s wealth fell from $18.4 billion on Thursday to $17.5 billion on Friday, relegating him to 114th from 106th in the billionaires log table barely 24 hours earlier.
Dangote’s net worth had hit the $17 billion mark on December 13, 2020, and gained another $600 million in the first week of 2021.
All gains were, however, lost on Friday, January 8.
According to Bloomberg, “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,” the report noted.