Dangote Industries Limited’s President/Chief Executive, Aliko Dangote, saw his overall net worth drop by $900 m on Friday as his flagship company emerged at the end of trading on the Nigerian Stock Exchange as the largest loser.
The Bloomberg Billionaires Index, a list of the 500 richest people in the world, showed that his fortune dropped from $18.4 billion on Thursday to $17.5 billion on Friday, making him the world’s 114th wealthiest individual, down from 106 the day before.
The net worth of Dangote rose from $15.5 billion on December 13 to $17.8 billion at the end of 2020. In the first seven days of 2021, it further earned $600m, but last Friday it lost all of it and more.
The share price of Dangote Cement Plc, the largest listed company in the country and the largest cement manufacturer in Africa, plunged by 8.13 percent from N244.90 on Thursday to close at N225 on Friday.
Dangote was the only Nigerian on the 500 billionaires list and, as of Friday, maintained his spot as the richest person in Africa.
The bulk of Dangote’s fortune is derived from his 86% interest in Dangote Cement, which is publicly traded. Bloomberg said he owns the company’s stock directly and through his conglomerate, Dangote Industries.