Dangote’s Net Worth Suffers Setback as Cement Company Loses N409 Billion

Dangote’s Net Worth Suffers Setback as Cement Company Loses N409 Billion

  • The share price of Dangote Cement plummeted on Tueday, August 9, 2022, sending the billionaire's net worth tumbling
  • According to reports, the cement firm lost about 9.06 per cent of its total shares from N24.45 per cent the previous day
  • The falling share price of the company affected Dangote's wealth as he lost about N680 billion in 8 hours

Dangote Cement suffered a massive blow as negative sentiments affected the shares of blue-chip companies which are quoted on the Nigerian Exchange and resulted in the shareholders of the cement firm losing N409 billion on Tuesday, August 9, 2022.

Reports show the cement company lost about 9.06 per cent to N241 per share from N25.45 the previous day.

Aliko Dangote, Dangote Cement
Chairman of Dangote Cement, Aliko Dangote Credit: Bloomberg / Contributor
Source: Getty Images

Company closes day on a bad note

According to analysis, Dangote Cement closed the day at N241.00 per share and N4.106 trillion in market cap on the floor of the Nigerian Exchange compared to N265.00 per share and N4.515 trillion in the market cap the previous day. This led the company to record a loss of N409 billion or 9.06 per cent.

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The Nigerian stock market closed negatively amidst buy-interest and sell-offs as bears ruled the proceedings for six days in a row.

The overall market cap went down by N614 billion or 2.25 per cent to close at N26.618 trillion as against N27.232 trillion the previous day.

The falling shares of the cement company dealt a blow to Aliko Dangote’s net worth after the billionaire lost N680 billion was wiped off his net worth in 8 hours, according to a report by Bloomberg.

This saw his wealth plummet to $19 billion from $20 billion in May 2022.

Aliko Dangote drops massively in billionaire list after over N360bn was Wiped out of his wealth in 8 Hours

Recall that Legit.ng reported that on Tuesday, 9 August 2022, the President/Chief Executive, Dangote Industries Limited, Aliko Dangote, saw N360 billion($863m) of his wealth wiped off in 8 hours of trading activities.

According to the Bloomberg Billionaires Index, which is a ranking of the world’s 500 richest people, his wealth has now fallen to $19 billion compared to over $20 billion in May 2022.

Dangote's current estimated wealth makes him the 80th wealthiest man in the world, down from 60th he was just two months ago.

Source: Legit.ng

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