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The total net worth of the President/Chief Executive, Dangote Industries Limited, Aliko Dangote on Friday dropped by $900m as his flagship company emerged the biggest loser at the end of trading on the Nigerian Stock Exchange.
According to Bloomberg Billionaires Index — a ranking of the world’s 500 richest people, Dangote’s wealth fell from $18.4bn on Thursday to $17.5bn on Friday, this made him the 114th wealthiest man in the world, down from 106th the previous day.
Dangote’s net worth had increased from $15.5bn on December 13 to close the year 2020 at $17.8bn. It further gained $600m in the first one week of 2021, but he 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, fell by 8.13 per cent to close at N225 on Friday from N244.90 on Thursday.
As of Friday, Dangote was the only Nigerian on the list of 500 billionaires, retaining his position as Africa’s richest person.
“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,” Bloomberg said.
According to the international news agency, his most valuable closely held asset is a fertiliser plant with capacity to produce up to 2.8 million tonnes of urea annually.
“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,” it said.
Indonesia has found the black boxes of the Sriwijaya Air jet which was declared missing minutes after it took off from Jakarta, the country’s capital. According to Reuters quoting authorities, […]
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