Aliko Dangote Drops Out of World’s 100 Billionaire Club After Losing N36bn in Hours
- Nigerian billionaire Aliko Dangote has suffered a N36bn drop in his wealth, costing him his place among the world's 100 billionaire club
- Although he remains Africa's richest man, Dangote net worth has declined since the CBN decided to devalue the naira
- South African billionaire Johann Rupert the second richest man in Africa, also lost over $200 million in a day
Aliko Dangote, Africa's richest man for the last 10 years, is no longer ranked among the world's 100 billionaires.
This follows a staggering N36.72 billion (approximately $47.5 million) wealth loss within hours on Wednesday, August 16, 2023.
Source: Getty Images
According to Bloomberg, Dangote's net worth has been reduced to $16.9 billion, and he is now ranked as the 101st richest man in the world.
From January to August 16 this year, Nigeria's most celebrated industrialist has suffered a staggering loss of $1.83 billion in wealth.
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Dangote's net worth compared to other Africans.
South African billionaire Johann Rupert, the second richest man in Africa, is currently worth $12.2 billion as he also suffered a massive loss of over $230 million.
Rupert is the 149th wealthiest man in the world, 48 places below Dangote.
Dangote's wealth source
Most of Dangote's fortune is derived from his 86% stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.
Dangote's other publicly traded assets include stakes in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa.
His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil, and other industries.
It is expected that when his 650,000 barrels per day refinery comes into operation, his wealth is expected to increase.
Tony Elumelu and wife make almost N1bn in hours from one Investment
Meanwhile, in another report, Tony Elumelu and his wife, Awele Elumelu, continue to demonstrate the importance of marrying a partner who shares the same vision
In just eight hours, the couple made almost N1 billion from their investment in Transnational Corporation of Nigeria (Transcorp)
Elumelu is a banker and serial investor, while Awele is an accomplished healthcare executive who has distinguished herself in her field
Source: Legit.ng
