- Dangote has dropped off the list of the top 100 wealthiest people in the world
- Recent data shows that he has lost about $1.67 billion in the last one month due to the drop in the share price of Dangote Cement
- The development has led to a decline in his net worth below $17 billion in the last month
Aliko Dangote, Nigeria's and Africa's richest man, has seen a substantial drop in his net worth, which has caused him to drop off the list of the world's top 100 billionaires.
Data from the Bloomberg Billionaires Index reveal that Dangote has also seen a significant decline in wealth by about $1.1 billion in one month.
Dangote loses $1.99 billion in one month
The Bloomberg data shows that as of September 1, 223, Dangote's net worth fell to $16.7 billion. The decline has risen yearly, with Dangote losing about $1.99 billion.
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Dangote's recent wealth decline is traced to the fall in the market value of his shares in Dangote Cement and Dangote Sugar Refinery.
The Dangote Sugar Refinery recently merged with NASCON Allied Industries and Dangote Rice Limited to become Dangote Foods.
The merger will reportedly create one of Africa's most potent food conglomerates, which will boast an extensive product portfolio comprising vegetable oil, sugar, rice, salt, tomato paste, seasonings, and other savoury products.
According to reports, the merger will boost the Kano-born billionaire's net worth as his stakes in Dangote Cement, Dangote Sugar.
Now, Dangote Foods is valued at $6.95 billion, $615 million, and $111 million, respectively.
Despite Dangote dropping off the list of the 100 wealthiest people in the world, the merger and the potential growth of Dangote Foods could cause a resurgence in his wealth.
Dangote, Rabiu, and Adenuga lost massively to the naira devaluation
Legit.ng earlier reported that before the decision to devalue Nigeria's currency on June 14, 2023, most Nigerian billionaires ranked among the first 500 in the world, with Dangote leading the pack with over $21 billion in net worth.
His counterpart and BUA Group Chairman, Abdul Samad Rabiu, was worth about N7 billion but has now stands at $5 billion.
Nigeria's third richest man and Chairman of Globacom, Mike Adenuga, ranked among Africa's top seven wealthiest.
Dangote Refinery to sell petrol to Nigeria in dollars, not naira, Executive Director gives reasons
Legit.ng also reported that Dangote Refinery announced plans to commence production after several delays since it was commissioned in May 2023.
Devakumar Edwin, the Group Executive of Dangote Refinery, disclosed that the facility would begin refining diesel and jet fuel by October 2023, while petrol would commence by November 2023.
In an interview with S&P Global Commodity Insights, Edwin noted that the company is ready to receive its first crude to begin refining.