Naira Devaluation Snatches $400 Million From Dangote’s Wealth in One Day
- Within 24 hours, Dangote lost $400 million, leaving him in a farther position behind Johann Rupert
- The reduction in his net worth is connected to the fall of the naira against the dollar
- Dangote, however, remains number one on the Bloomberg list with a net worth of N17 billion
Aliko Dangote has experienced yet another financial setback as a result of the naira's depreciation, which has reduced the value of his assets and his net worth below $11 billion.
The Nigerian billionaire's wealth dropped from $11.2 billion on August 4 to $10.8 billion, a $400 million fall in just one day, according to Forbes.
Meanwhile, in an updated list as of August 5, 2023, Dangote has taken back his position as number one, with his wealth climbing up $13.5 billion as of the time of this writing.
Source: UGC
This is on the back of an earlier report by Legit.ng that the richest Nigerian man has been displaced as Africa's richest man, the position he held for over a decade.
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Dangote's net worth had earlier increased to $11.2 billion, putting him in a position to recover the title of Africa's richest man. However, the subsequent decline in his wealth has once more put him behind Johann Rupert, who currently holds the title with a net worth of $11.2 billion.
Because the majority of Dangote's assets are in naira, the reduction in his net worth can be linked to the naira's value falling against the dollar.
With a net worth of $10.8 billion, Forbes had listed Aliko Dangote as the second-richest person on the continent; Bloomberg provides a different estimate.
Dangote leads on Bloomberg list
Meanwhile, the Nigerian billionaire, whose net worth is estimated by Bloomberg to be $17 billion, is the richest person in Africa, surpassing Johann Rupert, who is valued at $12.9 billion according to the Bloomberg Billionaires Index.
Dangote's significant 86.81 percent ownership position in Dangote Cement, the biggest cement producer in Africa, is the foundation of his wealth. The group recently introduced cutting-edge technology in cement production. His position as the richest investor on the Nigerian Exchange and the richest Black person in the world is cemented by this investment.
In addition to Dangote Cement, he owns shares in several other well-known Nigerian corporations that are traded on the Nigerian Exchange, such as Dangote Sugar, NASCON Allied Industries, Jaiz Bank, and Tony Elumelu's United Bank for Africa.
Aliko Dangote's position as a significant player in Africa's corporate landscape continues to be constant, and his investments continue to influence the region's economy despite variations in net worth assessments.
Dangote Sugar Refinery announces Mariya Aliko Dangote as executive director
Legit.ng earlier reported that the Board of Directors at Dangote Sugar Refinery Plc had announced the appointment of Mariya Aliko Dangote as an Executive Director.
The development was disclosed via an official statement signed by the company secretary, Temitope Hassan, and sent to Nigeria Exchange Limited.
Source: Legit.ng
