Aliko Dangote, Africa’s richest man, has lost $5.4bn, representing 35 per cent of his fortune.

The loss amounts to N1.7trillion.

This is a consequence of the slump in commodities prices and the devaluation of the naira in June by the Central Bank of Nigeria (CBN).

According to data obtained from Bloomberg Billionaires Index on Wednesday, Dangote, whose current net worth stands at $9.9 billion, has lost 62 per cent of his fortune between January 2014 and the present.

On the contrary, the fortune of Africa’s second wealthiest person South African Christo Wiese, who is worth $2.8bn, has risen by 12 per cent.

Dangote, who is rated world’s 118th richest person, is a victim of Nigeria’s economic woes which resulted in Naira being worsted by other currencies. Since the bulk of Dangote’s assets is domiciled in Nigeria and valued in Naira, his net worth on Bloomberg Billionaires Index, calculated in dollars, has headed south.


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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