The richest man in Africa, Aliko Dangote has reportedly lost $900 million (N343 Billion) In 24 hours.
Dangote Rank In World Richest has changed after he reportedly lost $900 million, equivalent to N343 billion in less than 24 hours.
The billionaire magnate, Aliko Dangote lost $900 million after his company, Dangote Industries Limited emerged the biggest loser at the end of the trading on the Nigerian Stock Exchange (NSE).
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Dangote’s 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.
The 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.
Dangote was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person as of Friday.
“The majority of Dangote’s fortune is derived from his 86 per cent stake in publicly-traded Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries,” Bloomberg said.
His most valuable closely held asset is a fertiliser plant with a capacity to produce up to 2.8 million tonnes of urea annually, according to the international news agency.
Dangote Rank In World Richest is now 114 changed from previous 106 due to the great loss of $900 million in 24hrs.
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