Aliko Dangote, the wealthiest man in Africa, has reportedly faced a huge loss in his business. The business magnate is said to have lost a total of $900 million equivalent to N343 billion within 24 hours.
The business magnate lost a substantial amount of his earnings after his company, Dangote Industries Limited emerged the biggest loser at the end of trading on the Nigerian Stock Exchange.
According to the Bloomberg Billionaires Index, Dangote’s wealth reportedly fell from $18.4bn on to $17.5bn on Friday. However, he managed to secure a spot among the 500 billionaires across the globe and he is now the 114th wealthiest man in the world. Before his loss, he held the 106th position.
The report reads;
“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.
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.
“A $12bn 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”.