Dangote Lost N343 Billion In 24 hours to Become the 114 Richest Man On Earth
Stock exchange was heavily affected on Monday 11, January 2021 as such, making Dangote Lost N343 Billion
This was lost by the billionaire magnate after his company, Dangote Industries Limited, became the biggest loser at the end of the Nigerian Stock Exchange (NSE) trade.
The Bloomberg Billionaires Index, a list of the world’s 500 wealthiest individuals, showed that his fortune fell from $18.4 billion on Thursday to $17.5 billion on Friday, making him the world’s 114th wealthiest individual, down from 106 the previous one
The net worth of Dangote had risen from $15.5bn in December 13. to $17.8bn for the year 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 is the only Nigerian on the 500 billionaires list and, as of Friday, maintained his spot as the richest person in Africa.
“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 important, closely owned asset is a fertiliser plant with an annual production capacity of up to 2.8 million tons of urea.