According to the latest ranking by Bloomberg Billionaires, business mogul, Aliko Dangote has lost half of his fortunes due to the slump in oil prices.
Dangote who was rated as africa’s richest man and the 68th most powerful person in the world, has been downgraded by Forbes in the world billionaires list.
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According to Punch, Forbes new estimate indicates that the billionaire, who was once rated by the Magazine to be worth $25bn in February last year, has now lost $12.2bn to the economic headwinds.
The magazine reported On December 23, 2014,that Dangote lost more than $7.8bn of his estimated $25bn fortune between February and December.
Despite interventions by the Central Bank of Nigeria (CBN), The naira has dropped to drop to a new record low of N205.55 to a dollar at the interbank segment of the foreign exchange market
Nigeria’s uncertain political climate and the rescheduling of the February elections has also affected the economy.
The huge chunk of Dangote’s loses came from Dangote Cement Plc which lost N750bn or 22 per cent of its market capitalisation.
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This new development based on the Bloomberg ranking means more losses for the billionaire, whose conglomerate has continued to be battered as a result of a flailing economy.
It would be recalled that in an interview with the Financial Times of London on Monday October 27, 2014, the Minister of Finance and Co-ordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, was reported as saying that the continuous fall in oil price would have a negative effect on the country’s economy. While maintaining that Nigeria was not broke, she said the government might be forced to identify and merge agencies performing overlapping functions. Her argument was that the country had an enormous amount of assets that stabilised it.