The Entrepreneur Africa Magazine

Africa’s Richest Man, Aliko Dangote’s Fortune Tumbles By N350billion

Aliko Dangote’s fortune plummeted N350 billion after Dangote Cement Plc was crushed in the stock market rout

A huge stock market slump on Friday cost Africa’s richest man more than N350 billion ($900 million) leaving him with a net worth of $17.5 billion as of January 10, 2021.

According to a report by Nairametrics, the market capitalisation of Dangote Cement Plc, in just a week, declined from N4,173,220,263,484.50 at the open of trade on Monday 4th of January to N3,834,114,166,125.00 at the close of trade today the 8th of January 2021.

This suggests that despite the completion of the first tranche of the Company’s Share Buy Programme, the shares of the largest cement manufacturer in Nigeria, with a total installed production capacity of 48.6 million tonnes per annum, decreased by 8.15%, from N244.90 at the open of trade on Monday 4th January 2021 to N225.00 at the close of trade on Friday 8th January 2021.

With the loss, Dangote’s wealth fell from $18.5 billion to $17.5 billion on Friday, January 8 as published by the Bloomberg Billionaires Index. He currently sits at #114 on the Bloomberg Billionaires Index daily ranking of the world’s wealthiest people.

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