Aliko Dangote, Africa’s richest man, has lost $5.4bn, representing 35 per cent of his fortune. The loss amounts to N1.7trillion.
This is a consequence of the slump in commodities prices and the devaluation of the naira in June by the Central Bank of Nigeria (CBN).
According to data obtained from Bloomberg Billionaires Index on Wednesday, Dangote, whose current net worth stands at $9.9 billion, has lost 62 per cent of his fortune between January 2014 and the present.
On the contrary, the fortune of Africa’s second wealthiest person South African Christo Wiese, who is worth $2.8bn, has risen by 12 per cent.
Dangote, who is rated world’s 118th richest person, is a victim of Nigeria’s economic woes which resulted in Naira being worsted by other currencies. Since the bulk of Dangote’s assets is domiciled in Nigeria and valued in Naira, his net worth on Bloomberg Billionaires Index, calculated in dollars, has headed south.