Dangote, who owns the second largest sugar-refinery in the world, was the 51st richest man in the world as at March 2016, but has now dropped to 101 as at the start of business on Monday. Dangote, who is now worth $11.1 billion, has seen his fortunes dwindling due to the following;
1.The fall in the Naira, as against the dollar, from about 198 to about 300, has eroded about a quarter of Dangote’s wealth, as he commits to investing heavily in Africa’s largest economy, Nigeria.
2. At the launch of the new foreign exchange regime on June 23, 2016, Dangote fell from 46 on the world billionaire list to 71, and has continued in that manner with the naira plunge.
However, the launch of Dangote refinery, the biggest greenfield refinery in the world, billed for 2018/2019 is expected to propel him into top 20 by 2019.
Just so you know, Dangote Cement, one of Dangote’s major investments in Nigeria, is the biggest company on the Nigerian Stock Exchange, by market capitalisation, and the biggest cement producer in sub-saharan Africa.