Aliko Dangote, Africa’s richest man, has suffered a significant loss in his wealth, dropping $651 million in just 24 hours.
This drastic decline has led to a slip in his global billionaire ranking, now positioned at 152.
The Nigerian billionaire’s wealth has been impacted by the depreciation of the naira against the dollar and a massive sell-off of Dangote Cement shares.
Despite the challenges, Dangote Cement remains Nigeria’s most valuable company on the NGX, with a total revenue of N1.8 trillion in the first quarter of 2024.
The company’s early gains in cement prices contributed to its success, earning N127,614 billion, a significant increase from the previous year.
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However, the decline in Dangote’s wealth is attributed to the 43% loss in value of the Nigerian currency since the beginning of 2024.
Additionally, his $20 billion refinery project is facing challenges with Nigeria’s oil industry regulators, further impacting his fortune.
Dangote’s story serves as a reminder of the unpredictable nature of wealth and the impact of external factors on even the most successful business ventures.
