Dangote’s Wealth Declines by $455 Million in 24 Hours Amid Sell-Off in Cement Company's Shares
- Aliko Dangote, the richest man in Nigeria, has suffered a sharp decline in his fortune in a single day
- Data from Bloomberg showed that the billionaire lost $455 million, leaving his wealth at $27.6 billion
- One possible explanation for the recent 1.6% decline in Dangote's fortune is sell-off in his cement company’s shares
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigeria’s richest man Aliko Dangote has seen a significant plunge in his wealth in just 24 hours.
Source: UGC
According to data from the Bloomberg Billionaire Index, the billionaire’s wealth stood at $27.6 billion after losing $455 million in the one day. On a year to date basis, however, he has lost $465 million.
The recent 1.6% plunge in Dangote's wealth could be attributed to attributed to a major sell-off in Dangote Cement shares on the Nigerian Stock Exchange (NGX).
Based on information available on the Nigerian exchange, the company’s share price declined to N431 on Tuesday, January 14th from N478.8 it sold the previous day due to sell pressure on the part of investors.
Dangote owns 86% of the country's biggest cement producer, Dangote Cement as well as a significant stake in Dangote Sugar, Nascon Allied Industries and United Bank for Africa.
Several of Dangote Group's companies are listed on the Nigerian Stock Exchange. His stakes in the publicly traded companies are held directly and through Dangote Industries, a unit of Dangote Group.
The largest refiner in Africa, the Dangote Oil Refinery, which started operations in early 2024, is his greatest asset. Based on the project's $20 billion construction cost, he controls 92.3% of the business.
Additionally, he owns a fertilizer plant that can generate up to 2.8 million tons of urea each year. It is appraised using an independent analyst's computation of net present value, which is predicated on a 50% usage rate.
Wealth declines
Earlier, Legit.ng had reported that new data from the Forbes billionaire list shows Nigerian business magnate Aliko Dangote has recorded significant dip in his wealth.
Dangote's net worth dropped to $11.1 billion, a decrease of $447 million, or approximately N693.90 billion.
With Dangote's current wealth level, South Africa’s richest man, Johann Rupert, remains the wealthiest person in Africa.
On Tuesday, Forbes reported that while Dangote's wealth experienced a significant decline, Rupert's net worth increased by $136 million, bringing his total to $11.2 billion. As a result of the decline, Dangote was ranked 206th globally, while Rupert held the 200th spot on the world's richest individuals list.
Dangote, Adenuga, Rabiu, Otedola's net worth in 2024
Legit.ng reported that the wealth of Nigerian billionaires witnessed fluctuations all through 2024, with Aliko Dangote ending the year at the top again.
According to the latest Forbes Billionaires list, Dangote, Abdulsamad Rabiu, Mike Adenuga, and Femi Otedola collectively ended 2024 with $24.4 billion.
An analysis of the Forbes billionaires list revealed that the wealth of all Nigerian billionaires increased, except for Abdulsamad Rabiu.
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Source: Legit.ng
