Africa’s richest man and president and chief executive officer of Dangote Industries Limited, Aliko Dangote, has lost $900 million (N355 billion) as his company emerged the biggest loser at the end of trading on the Nigerian Stock Exchange on Friday.
According to the Bloomberg Billionaires Index, which is a ranking of the world’s 500 richest people, Dangote net worth fell from $18.4 billion on Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day.
His net worth had risen from $15.5 billion on December 13 to close the year 2020 at $17.8 billion.
It further gained $600 million in the first seven days of 2021, but lost all of it and more last Friday.
The share price of Dangote Cement Plc, which is Nigeria’s listed company and Africa’s largest cement producer, tumbled by 18.13 percent to close at N225 on Friday from N244.90 on Thursday.
However, despite the challenges, Dangote who is the only Nigerian on the list of 500 billionaires, retained his position as Africa’s richest person as at Friday.