Business
Dangote’s fortune dwindles as companies shares depreciated
The wealth of Africa’s richest, Aliko Dangote, dwindled on Tuesday after two of his companies, Dangote Cement and Dangote Sugar, continued their disappointing trade periods.
Dangote Cement share had been trading flat since it appreciated at the end of Q3 this year to N280 per share from N261, while Dangote Sugar stock depreciated by 6.32 percent.
The drop in the sugar stock value has cost investors N13.36 billion quarter-to-date, with total investors’ funds declining from N211.35 billion to N197.99 billion within the same period.
READ ALSO: Dangote truck plunges into river; corpse recovered
Dangote Cement’s flat trade and the drop in the sugar’s capital market price has held back the fortune of the billionaire who occupies 191 position on Forbes billionaire index.
According to the wealth index, Dangote’s net worth was down to $13.5 billion as of November 23, against the $13.6 billion his estimated fortune was in October.
As of last year, the cement boss was said to be worth about $8.3 billion, with his wealth declining in the last five years, when he was worth $14.7 billion in 2015.
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