The Chief Executive officer of Dangote Industries Limited, Aliko Dangote ended trading on the Nigerian Stock Exchange on Friday, as his company emerged the biggest loser with a drop in his total net worth by $900m.
Bloomberg Billionaires Index which ranks the first 500 richest people in the world showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday, taking him from 106th to 114th on the list of wealthiest people in the world.
Bloomberg said,
“The majority of Dangote’s fortune is derived from his 86 percent stake in publicly-traded Dangote Cement.
“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,”
He holds the shares in the company directly and through his conglomerate, Dangote Industries.
Dangote was the only Nigerian on the list of 500 billionaires.
