Aliko Dangote Loses Over N480bn in 24hrs, Slips in Battle To Reclaim Africa’s Richest Man Title

• Aliko Dangote will have to wait longer to be called Africa's richest man again after another setback
• Data from Forbes shows the wealth of Dangote dropped massively by over N480 billion in the last 24 hours
• South African billionaire Johann Rupert continues to remain at the top, however it seems it is only a matter of time before Dangote overtakes

Aliko Dangote, the president of Dangote Group, has lost $613 million( about N483.87 billion) or N20.1 billion wealth loss every minute in the last 24 hours.

According to the latest data published by Forbes magazine a popular billionaire index, the business mogul is now worth $10.5 billion as at Wednesday, August 9, 2023.

This placed him as the second richest man in Africa, behind South African billionaire Johann Rupert who has a net worth of $10.9 billion.

Read also

Naira getting close to N1,000 per dollar as CBN explains reason For the fall

Forbes also currently ranks Dangote as the 176 among the richest men in the world.

Aliko Dangote wealth movement

Since the Central Bank of Nigeria decided to float the Naira, Dangote, who was once the undisputed richest man in Nigeria and Africa, has seen billions wiped off from his wealth.

The drop in Dangote's wealth is mainly because a considerable portion of his wealth and businesses are primarily domiciled in Naira.

Checks show that as of the start of the year, Dangote net worth stood at $12.5 billion, later rising to as high as $14 billion around February 2023.

It is, however, a different story since June when the Naira float decision was made.

Read also

Dangote Cement, MTN, 8 other companies lose over N630bn in 6 months after Tinubu, CBN naira decision

Dangote, Elumelu’s wealth soars N3.2bn in one day as UBA shares skyrocket to highest level in 2023

Meanwhile, in another similar report, Legit.ng revealed that the chairman of United Bank for Africa, Tony Elumelu, and Africa's Richest man Aliko Dangote have made a combined N3.2 billion in one day, following the increase in the UBAs shares.

Data obtained from the Nigerian exchange shows that the stock price of UBA increased to N14.9 per share on Friday, July 21, 2023.

This represents a 9.96 percent improvement compared to the 13.55 it traded the previous day.

Source: Legit.ng