Nigerian billionaire, Aliko Dangote has lost the wealthiest man title for the second time in one month.... CLICK TO READ THE FULL NEWS HERE▶▶
South Africa’s Johann Rupert took up the crown from the Nigerian industrialist after Dangote’s wealth plummeted due to a drop in the shares of his cement firm, Dangote Cement.
Dangote cement’s shares drop
The Nigeria Exchange Limited (NGX) data shows that the cement firm led the pack of top laggards after its share price dipped by about N59.10, a 10% drop from N591.10.
The drop led to investors losing about N750 billion on the NGX on Monday, August 19, 2024. Dangote holds about 86% of the cement firm’s stake directly and indirectly.
Dangote loses $587 million in 24 hours
According to data from the Bloomberg Billionaire Index, the Nigerian billionaire has lost $587 million in the last 24 hours, with a total net worth of $13.4 billion compared to Rupert’s $13.9, leaving a margin of $500 million between the two African billionaires.
This is not the first time Dangote has dropped from the top position. Earlier this month, he lost the title to Rupert by the same margin and regained it after a few days following the resurgence in the shares of his cement firm.
The Nigerian billionaire has lost almost $7 billion since the beginning of 2024 to the naira devaluation.
However, his net worth has significantly declined since Nigeria embarked on currency reform in June last year.
Per the Index, Dangote is ranked as the 161st richest man in the world, while Rupert occupies the 153rd position.
Dangote Refinery fixes new date for petrol production Dangote, whose $20 billion refinery is due to start petrol production in September, owns several companies listed on the NGX.
The billionaire has engaged Nigerian oil regulators and cartels in a battle of wits to ensure his refinery achieves full capacity in petroleum product production.
The refinery was initially billed to release petrol into the Nigerian market in August but shelved the date due to challenges in sourcing crude oil.
Recent reports show that the Nigerian government will now commence the sale of crude to the refinery and others in October, while petrol from the facility is expected to hit the market in September.
