Africa’s richest man Dangote loses $1.1bn in one month 

Aliko Dangote, the richest man in Africa, has lost 7.59 percent of his net worth in the past month, according to Bloomberg Billionaire Index.

Dangote, founder and president of Dangote Industries Limited, saw its fortune drop to $14.5 billion on July 21 from $13.4 billion a month earlier. 

The majority of Dangote’s fortune is derived from his 86% stake in publicly traded Dangote Cement, with the shares in the company held directly and through his conglomerate, Dangote Industries, according to Bloomberg.

Dangote’s other publicly traded assets include stakes in Dangote Sugar, Nascon Allied Industries and United Bank for Africa. His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries. 

Bloomberg said: “His most valuable closely held asset is a fertilizer plant with capacity to produce up to 2.8 million tonnes of urea annually. Its net value is based on a discounted cash flow analysis by KPMG. The valuation was confirmed by outside analysts. 

“A $19 billion oil refinery that is currently being developed in Nigeria isn’t included in the valuation because it’s not yet operational.

“The billionaire owns six residential and commercial properties in Lagos. They are valued using the capitalization method, using rental income provided by Dangote’s spokesman, Anthony Chiejina, and capitalization rates from CBRE Broll Nigeria.

“His cash holdings are based on an analysis of dividends, taxes, insider transactions and other expenditures.”