Dangote’s Wealth Drops to Lowest Level in 12 Months After Losing Over N9.42bn in 8 Hours
- Aliko Dangote's wealth has dropped to the lowest level in 12 months, and it doesn't look like it will recover for now
- Africa's richest man's wealth reached a high of 60 in June, and he was on the verge of joining the list of the 50 wealthiest billionaires
- However, Dangote has been losing some of his wealth, with N9.42 billion wiped out in the last 8 hours
Africa's richest man, Aliko Dangote's wealth, has dropped to its lowest level in the last 12 months, and he is now currently worth $18.8 billion.
This occurred after $22.0 million( N9.4 billion) of his wealth was wiped off in the eight hours of trading on Wednesday, 14 September 2022.
The last time Dangote's wealth was at $18 billion was in September 2021.
Source: Facebook
According to the Bloomberg billionaires index report, Dangote Industries Limited's President/Chief Executive has lost over $246 million (N105.43 billion) of his wealth since the start of the year.
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The latest drop in Dangote's wealth means he has dropped in the billionaire Index to 78th, from the high of 60th he was as at June 2022.
Overview of Dangote's wealth
Dangote Industries, a closely held conglomerate, is controlled by Africa's richest person.
Dangote Cement, Sub-Saharan Africa's largest cement producer, is owned by the Lagos, Nigeria-based company and is the primary source of Dangote's wealth.
Legit.ng's findings showed that the fall in Dangote's wealth corresponds with the valuation of his cement company depreciating.
Since the beginning of 2022, the company's market valuation has dropped to N4.17 trillion from N4.86 trillion at the end of January 2022.
Top 10 richest men as at 14 September 2022
- Elon Musk $264bn
- Jeff Bezos $152bn
- Gautam Adani $145bn
- Bernard Arnault $135bn
- Bill Gates $114bn
- 6 Warren Buffett $97.1bn
- 7 Larry Page $96.5bn
- 8 Sergey Brin $92.3bn
- 9 Mukesh Ambani $92.2bn
- 10 Larry Ellison $92.0B -$2.91bn
Dangote Cement leads list of the 10 biggest companies
Legit.ng had earlier reported that Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria.
The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation.
Using data from Nigeria Exchange, the report showed how much each of the top firms are worth and their share price for anyone looking to invest.
Source: Legit.ng
