Nigeria: Dangote Loses $900m, Drops Eight Places On Billionaires List

Aliko Dangote (file photo).
11 January 2021

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.

According to Bloomberg, "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.

"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.

Vanguard News Nigeria

More From: Vanguard

Don't Miss

AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.