Aliko Dangote, President/Chief Executive, Dangote Industries Limited, reportedly lost a total of $900 million within 24 hours, after his company emerged the biggest loser at the end of trading on Nigerian Stock Exchange on Friday, January 8.
Converted, it means that the president of Dangote group lost N343 Billion, according to a report by Bloomberg Billionaires Index on Friday, January 8.
Dangote’s wealth reportedly fell from $18.4bn on Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day.
His net worth had risen from $15.5bn on December 13 to close the year 2020 at $17.8bn. It further gained $600m in the first seven days of 2021, but lost all of it and more last Friday.
Share price of Dangote Cement Plc, the country’s biggest listed company and Africa’s largest cement producer, tumbled by 8.13 per cent to close at N225 on Friday from N244.90 on Thursday.
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.
However, despite the loss, Dangote was the only Nigerian on the list of 500 billionaires across the world and retained his position as Africa’s richest person as at Friday.