Naira Devaluation Wipes Off $3 Billion From Dangote's Wealth in One Week, Drops in Ranking

• Aliko Dangote lost about $3 billion in February after the Nigerian government devalued the naira
• The Nigerian billionaire has had over $7 billion slashed off his net worth as the naira lost most of its value
• Dangote's current net worth is about $14.8 billion, and he is ranked 132 wealthiest men in the world

Legit.ng’s Pascal Oparada has reported Tech, Energy, Stocks, Investment and the Economy for over a decade.

Africa's richest man, Aliko Dangote, has lost about $3 billion in the last week as Nigeria embarks on naira devaluation for the second time.

The Nigerian billionaire is one of the most affected by the naira devaluation of the federal government, as he has lost about $7 billion since January.

Dangote's net worth shrinks

Data from the Bloomberg Billionaire Index shows that Dangote's net worth is now estimated at $14.8 billion, $3 billion less than his net worth in the second week of February 2024.

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Dangote began climbing in the billionaire ranking in January, gaining a whopping $7 billion in weeks, ranked 82nd in the world, and later plummeted to 132nd wealthiest men after Nigeria devalued its currency to par with the parallel market.

Despite the excellent performance of Dangote Cement, his primary source of wealth, Nigeria's richest man could not recoup the losses.

Dangote loses about $7 billion in one month

At the end of January 2024, Dangote's wealth stood at a staggering $22 billion, his highest in 10 years. Still, he lost almost a quarter of his wealth due to the policies of the Nigerian government, which eroded the gains made by the cement firm.

Dangote Cement emerged as Nigeria's most profitable company after gaining N13 trillion in market value in February 2024.

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Dangote Cement is Nigeria's most valuable brand

Legit.ng reported that the market capitalisation of Dangote Cement hit N13 trillion on Monday, January 22, 2024, becoming the first Nigerian company to achieve the feat on the Nigerian Exchange.

The development comes as billionaire and Nigeria's fourth richest man, Femi Otedola, made a significant share acquisition of the Dangote Cement.

Dangote Cement closed trading with an N10.098 trillion cap after gaining N917, following a 9.99% increase in its stock.

The company ended 2023 with a market cap of N5.451 trillion. The firm's share price closed on Monday, January 22, 2024, at N590.60 per unit.

The company displaced Airtel Africa as the most capitalised stock on the NGX.

Regarding capital gains, Africa's biggest cement producer's investors have seen an 85.25% rise in their investment.

After acquiring the company's shares, Otedola said the reason for his action was the potential of Dangote Cement to earn Forex and its compliance with Environmental, social and Governance principles, which made it an ideal investment for him.

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List of top 10 wealthiest men in the world

Legit.ng reported that the ten wealthiest people in the world, as of Wednesday, February 21, 2024, are worth over $1.52 trillion.

This is $9.5 billion lower than the combined net worth of $1.53 trillion that the top ten wealthiest people started with in January 2024.

According to Forbes data, French billionaire Bernard Arnault has become the world's wealthiest individual, with a net worth of $223.3 billion as of Wednesday, February 21.

Source: Legit.ng