The President/Chief Executive, Dangote Industries Limited,
Aliko Dangote, saw his total net worth drop by $900m on Friday as his flagship
company emerged the biggest loser at the end of trading on the Nigerian Stock
Exchange.
Bloomberg Billionaires Index, which is a ranking of the
world’s 500 richest people, showed that his wealth fell from $18.4bn on
Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the
world, down from 106th the previous day.
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 Dangote 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 capacity to produce up to 2.8 million tonnes of urea annually, according
to the international news agency.
“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.
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