Africa’s richest man Aliko Dangote has seen a $900 million drop in his wealth, as his company’s stock nosedived on Friday becoming the biggest loser on the Nigerian Stock Exchange (NSE).
According to Bloomberg, Dangote’s wealth dropped from $18.4 billion recorded on Thirsday to $17.5 billion on Friday.
Dangote who was ranked 106 on the billionaires list on Thursday fell to 114 on Friday.
Dangote Cement; Nigeria’s biggest listed company and Africa’s largest cement producer closed at N244.90 on Thursday but closed at N255 on Friday, an 8.13 pecent loss.
Dangote’s wealth is generated from his 86 percent share in Dangote Cement, as stated by 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.
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“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,” Bloomberg reported.
In other news, Dangote Industries disclosed its plans to expand its operations on the African continent under the African Continental Free Trade Area (AfCFTA).
It stated that the company looks to expand to Cameroon, Niger, Ghana, Benin, Ghana, Togo, and Cote d’Ivoire.
The company’s President/Chief Executive, Aliko Dangote, revealed the company’s vision to make Africa self-sufficient in the production of cement.
