Aliko Dangote, Africa’s wealthiest man, is estimated to have lost $900 million in just 24 hours

The wealthiest man in Africa, Aliko Dangote, reportedly lost a total of $900 million within 24 hours on Friday, January 8, after the biggest loser at the end of trading on the Nigerian Stock Exchange emerged from his company, Dangote Industries Limited.

Dangote’s fortune officially dropped from $18.4bn on Thursday to $17.5bn on Friday, according to the Bloomberg Billionaires Index, making him the world’s 114th wealthiest individual, down from 106 the day before.

The study also showed that the net worth of Dangote increased from $15.5bn on December 13 to $17.8bn in the year 2020. In the first week of 2021, he already won $600 million, but last Friday he lost all of that and more.

The stock price of Dangote Cement Plc, the largest listed company in the country and the leading cement manufacturer in Africa, reportedly dropped by 8.13 percent from N244.90 on Thursday to close at N225 on Friday.

Despite the defeat, at No. 114, Dangote still retained a place in the list of 500 billionaires worldwide and retained his spot as the richest person in Africa as of Friday.

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.

According to the International News Agency, his most important, closely owned asset is a fertilizer plant with an annual production capacity of up to 2.8 million tons of urea.

“The valuation does not include a $12bn oil refinery currently being developed in Nigeria because it is not yet operational and construction costs are calculated to outweigh its current value,” it said.