Dangote drops from 106th to 114th of the wealthiest in the world

On Friday, Dangote Industries Limited ended trading on the Nigerian Stock Exchange making the CEO, Aliko Dangote the biggest loser which made him to drop by $900m in his previous net worth.

According to Bloomberg Billionaires Index that is in charge of ranking the first 500 richest people in the world and he revealed that Dangote moved from the 106th to 114th person on the list of wealthiest people in the world wealth as a result of his depreciation from $18.4bn on Thursday to $17.5bn on Friday.

Bloomberg said: “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”.

According to Boomberg’s record, Dangote happens to be the only Nigerian on the list of the wealthiest in the world.

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