Dangote Bounces Back, Earns N313.2bn in 24 Hours After Losing N5.6 Billion Overnight
- Aliko Dangote's wealth experienced a massive surge of N313.2 billion in hours
- He previously lost about N5.6 billion overnight due to the sluggish performance of stocks on the NGX
- His refinery is reportedly set to begin refining petroleum products this December
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Aliko Dangote, Africa's richest man, has bounced back after losing about N5.6 billion on Wednesday, November 15, 2023.
The Nigerian industrialist, who has experienced a decline in net worth, skidded off the top 100 wealthiest people in the world from 76th in June when Nigeria devalued its currency.
Source: Getty Images
Dangote's drop caused by naira devaluation
The currency devaluation affected most of Dangote's stocks, namely his Dangote Cement, where he holds a majority stake and is the primary source of his wealth.
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Dangote has lost about $5 billion since Nigeria began the foreign exchange reforms, which has seen the naira lose over 40% of its value.
He is ranked 115 richest globally, with an estimated $15.8 billion on the Bloomberg Billionaires Index.
Dangote Refinery to begin production
His 650,000 bpd-capacity refinery is billed to begin production in December this year.
Dangote said that the refinery is waiting for a crude supply from the Nigeria National Petroleum Company Limited (NNPC) to begin operations, he told investors in Saudi Arabia recently.
"We don't want to start our refinery with foreign goods. We want to start with the Nigerian crude. We're ready; you will see our gasoline products soon," Dangote said.
According to him, the refinery will focus on the Nigerian market before exporting to other countries, especially in West Africa and the world.
Former President Muhammadu Buhari commissioned the refinery on May 22, 2023. Dangote promised the refinery would commence production by late July or early August. The facility missed two production deadlines.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) directed local oil companies to prioritize the supply of crude oil to local refineries in line with the Petroleum Industry Act (PIA)
Ethiopian billionaire's wealth rises to $8.5 billion, Dangote drops in ranking, loses $69m overnight
Legit.ng earlier reported that Ethiopia's billionaire oil magnate, Mohammed Al Moudi, experienced a remarkable surge in wealth, hitting $8.5 billion, a 61.9% rise in 30 days.
Bloomberg Billionaire Index revealed that Al Moudi's wealth stood at $5.24 billion in the second week of October and has climbed substantially by $3.25 billion as of Monday, November 14, 2023.
The 77-year-old reportedly has assets across Sweden, Saudi Arabia, and Ethiopia.
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Source: Legit.ng
