The president of Dangote Industries Limited, Aliko Dangote, saw the net worth of his fortune drop by $900 million on Friday as his company Dangote Cement Plc suffered a sharp decline on the Nigerian Stock Exchange on Friday, January 8.
The share price of Dangote Cement Plc, the country’s largest listed company and Africa’s largest cement producer, fell by 8.13% to close at 225 naira on Friday against 244.90 naira on Thursday, despite the recent announcement by the company’s management of an expansion program in Africa which is all the more promising as it coincides with the coming into force of the FTAA.
« The majority of Dangote’s wealth comes from its 86% stake in Dangote Cement, which is listed on the stock exchange. It holds the shares of the company directly and through its conglomerate, Dangote Industries », justified Bloomberg.
According to the Bloomberg Billionaires Index, which ranks the 500 richest people in the world, the fortune of the richest man in Africa rose from $18.4 billion Thursday to $17.5 billion Friday, making him the 114th richest man in the world, compared to 106th the day before. Dangote remains, however, despite this hectic trading day, the only Nigerian in the world’s top 500.