Billionaire businessman, Alhaji Aliko Dangote lost $900 million of his net worth between Thursday and Friday to close the week as the 114th richest person in the world, down from 106th.
This was contained in the Bloomberg Billionaire’s Index, which is the ranking of the world’s 500 wealthiest people.
His net worth fell to $17.5 billion on Friday, from $18.4 billion the previous day after shares of Dangote Cement Plc, the country’s biggest listed company and Africa’s largest cement producer, fell by 8.13 per cent to close at N225 on Friday from N244.90 on Thursday.
However, the 63-year-old retained his position as Africa’s richest person and the only Nigerian on the Bloomberg list.
“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 said.
The international news platform said that this was closely followed by assets in a fertiliser plant with capacity to produce up to 2.8 million tonnes of urea annually.
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“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 said.