Home » Africa's Richest Man Aliko Dangote Loses $900m In Just 24 Hours

Africa's Richest Man Aliko Dangote Loses $900m In Just 24 Hours

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  The new year started with uncertainty as Africa's richest man reportedly lost $900 million.

  Dangote, as at December 13, 2020, was worth to $17.8 billion, which further rose in the early weeks of 2021.

  The loss, according to a report, has made Dangote drop in the list of billionaires across the world. It means that the president of the Dangote group lost billions as his company was rated the biggest loser loser at the end of trading on the Nigerian Stock Exchange.

  However, despite his losses, Dangote still holds his place on the world's 500 billionaires list and is now the 114th richest person in the world.

  Before his defeat, he was ranked 106th. He is now the only Nigerian on the list reported by Bloomberg.

  By the end of 2020, Dangote's fortune had added a little more, jumping to $17.8 billion from $15.5 billion on Dec. 13. When the world entered the New Year of 2021, he made another $600 million in the first week.

  “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,” Bloomberg said.

  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 the international news agency.

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