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Dangote loses $900m, drops eight places on billionaires list

NEWSMAN – Dangote Industries Limited ended trading on the Nigerian Stock Exchange, Friday, as the biggest loser leaving its owner, Aliko Dangote, with a drop in net worth by $900m.

Bloomberg Billionaires Index which ranks the first 500 richest
people in the world showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday, taking him from 106th to 114th on the list of wealthiest people in the world.

The majority of Dangote’s fortune is derived from his 86 per cent stake in publicly-traded Dangote Cement, Bloomberg said .

He holds the shares in the company directly and through his conglomerate, Dangote Industries, Vanguard reported.

“A $12bn oil refinery that is currently being developed in Nigeria isn’t included in the valuation because it’s not yet operational and construction costs are calculated to outweigh its current value”.

Dangote is the only Nigerian on the list.

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