Dangote’s ranking in billionaires list drops after losing $900m in 24 hours

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Aliko Dangote’s ranking in world’s billionaires’ circle has plummeted within twenty-four hours.

This followed a drop in the African richest man’s net worth by $900m on Friday at the end of trading on the Nigerian Stock Exchange brought about by the share price of Dangote Cement Plc, which tumbled by 8.13 per cent to close at N225 on Friday from N244.90 on Thursday.

Bloomberg Billionaires Index showed that Dangote’s wealth fell from $18.4bn on Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day.

Recall that Dangote’s net worth rose from $15.5bn on December 13 to close the year 2020 at $17.8bn. It further gained $600m in the first seven days of 2021, but lost all of it and more last Friday.

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