Dangote loses $5.4bn as a result of Nigerian downturn and falling commodity prices

altAFRICA’s richest man Alhaji Aliko Dangote has lost $5.4bn of his fortune this year slipping down the Bloomberg Billionaires Index as a result of the downturn in the Nigerian economy that has cost him dear.

 

Valued at £15.4bn by Forbes, Alhaji Dangote is estimated to be the 51st richest man in the world due to his investments in the Nigerian commodities industries. His interests include cement, sugar, agriculture, oil and gas, building materials and lately, he has expanded his empire across Africa.

 

According to Bloomberg, there has been a sharp drop in Alhaji Dangote’s net worth due to the slump in commodity prices and the devaluation of the naira by the Central Bank of Nigeria (CBN). Bloomberg’s Billionaires Index puts Alhaji Dangote’s net worth at $9.9bn representing, a 62% drop since January 2014.

 

However, the report still ranks Alhaji Dangote as Africa’s richest man despite his losses. It stated that Africa’s second-wealthiest person, South African Christo Wiese, trails him by $2.8bn despite his fortune climbing by 12% this year on the index.