Dangote Loses $900m In 24 Hours, Drops Down In Billionaire Record

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The President/Chief Authorities, Dangote Industries Restricted, Aliko Dangote, has dropped down from 106th to 114th inside the rules of the wealthiest males/ladies on the earth.

In step with Bloomberg Billionaires Index, Dangote’s total internet worth drop by $900m on Friday as his flagship company emerged a really highly effective loser on the tip of buying and selling on the Nigerian Inventory Commerce (NSE).

Bloomberg confirmed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday.

Dangote’s internet worth had risen from $15.5bn on December 13 to shut the yr 2020 at $17.8bn. It additional gained $600m inside the primary seven days of 2021, however misplaced all of it and extra closing Friday.

The share price of Dangote Cement Plc, the nation’s greatest listed company and Africa’s largest cement producer, tumbled by 8.13 per cent to shut at N225 on Friday from N244.90 on Thursday.

“The majority of Dangote’s fortune is derived from his 86 per cent stake in publicly-traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries,” Bloomberg acknowledged.

“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,” it acknowledged.

Dangote, who’s the one Nigerian on the rules of 500 billionaires pointers, retained his place as Africa’s richest specific particular person.

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