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Business Finance Info & Updates

How Dangote lost $900m in 24 hours

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote’s total net worth dropped by $900m on Friday.

This happened after his flagship company emerged bottom at the end of trading on the Nigerian Stock Exchange.

Data from Bloomberg Billionaires Index showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day.

Mr Dangote’s net worth had risen from $15.5bn on December 13 to close the year 2020 at $17.8bn. In the first seven days of the new year, he gained $600m but lost all of it and more last Friday.

The share price of Dangote Cement Plc tumbled by 8.13 percent to close at N225 on Friday from N244.90 on Thursday.

Dangote was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person as of Friday. His cement company is Nigeria’s biggest listed company and Africa’s largest cement producer,

“The majority of Dangote’s fortune is derived from his 86 percent stake in publicly-traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries,” Bloomberg said.

The publication added that his most valuable closely held asset is a fertiliser plant with a 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.

Pmnews

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