Dangote falls to world’s 125th richest as net worth drops $1.8bn
The President of Dangote Group, Aliko Dangote, is now the 125th richest person in the world as his net worth fell by $1.8 billion in the last 48 days.
Bloomberg Billionaires Index, a ranking of the world’s 500 richest people, showed that the wealth of Dangote, Africa’s richest person, declined to $16.6 billion as of Wednesday from $17.2 billion on Feb. 21.
As of Jan 7, Dangote was the 106th wealthiest person with a net worth of $18.4 billion, rising from $17.8 billion at which it closed in 2020.
Dangote was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person as of Wednesday.
“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 share price of Dangote Cement Plc, the country’s biggest listed company and Africa’s largest cement producer, closed at N220 on Wednesday, down from N244.90 on Jan.7, data from the Nigerian Stock Exchange showed.
His most valuable closely held asset is a fertiliser plant with capacity to produce up to 2.8 million tonnes of urea annually, according to the international news agency.
“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.
