African richest man, Aliko Dangote has reportedly lost $900 million, which is equivalent to N343 billion in less than 24 hours.
The billionaire magnate lost this after his company, Dangote industries Limited emerged the biggest loser at the end of the trading on the Nigerian Stoke Exchange (NSE), MARK.
Bloomberg billionaires index, which is a ranking of the world’s 500 richest persons, showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday, making him the 114th wealthiest men in the world, down from 106th the previous.
Dangote’s net worth had risen from $15.5bn on December 13 to cloday.et. it further gained $600m in the first seven days of 2021 but lost all of it and more last Friday.
Dangote was the only Nigerian on the list of 500 billionaires and retained his possiton as Africa’s richest person as of Friday.
“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”. He said