- Aliko Dangote, Africa's richest man, has dropped farther down the list of the world's richest billionaires
- Dangote soared to as high as 60 in June and was on the verge of joining the list of the 50 richest billionaires
- However, Dangote has been losing some of his accumulated wealth since July, and once again in the 8 hours, N360bn was wiped off
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.
How energy costs are driving up price of cement as Dangote, BUA spend N174.5 billion on fuel and power
Why Dangote's wealth dropped
Dangote wealth is largely tiled to his cement company where is the majority single shareholder.
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On Tuesday, 9 August, the share price of Dangote Cement Plc at the Nigerian Exchange tumbled by 9.05per cent to close at N241 from N265 it opened the week on Monday.
Bloomberg on its note on Dangote's wealth said:
“The majority of Dangote’s fortune is derived from his 86 per cent stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.
"His most valuable closely held asset is a fertiliser plant with capacity to produce up to 2.8 million tonnes of urea annually, according to the international news agency.
“A $12bn oil refinery that is currently being developed in Nigeria isn’t included in the valuation because it’s not yet operational and construction costs are calculated to outweigh its current value."
Dangote seeks loan
Legit.ng had previous reported that Dangote Cement approached the bond market to raise N187.6 billion from the domestic pension funds, asset managers, insurance companies and high-net-worth individuals.
Aliko Dangote to earn a whopping N293bn as dividend as his cement company
Meanwhile, Legit.ng reported that Aliko Dangote, Africa's richest man, is set to earn a whopping N293 billion in dividends from his interests in Dangote Cement for the fiscal year ending 2021.
Aliko Dangote is the single majority shareholder of Dangote Cement Plc and one of his most profitable asset classes.
According to the financial statement filed to the Nigerian Exchange on Monday, February 28 2022, Aliko Dangote has direct ownership of 27,642,637 units and indirect investment of 14,621,387,610 which sums up to 14.65 billion ordinary shares.