Dangote loses $900m in Nigeria’s stock market

Dangote Industries Limited ended trading on Friday at the Nigerian Stock Exchange at a huge loss 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.