Dangote’s net worth drops, lowest in a year

Africa’s richest man, Aliko Dangote’s net worth dropped to $18.8 billion, the lowest since September last year. The drop in Dangote’s wealth followed the loss of $18.6 million in one day.

The development brought the billionaire’s loss this year to $279 million, according to data by the Bloomberg index.

The index which tracks the wealth of the world’s 500 billionaires revealed that Dangote’s current net worth makes him the 77th richest man in the world as of September 18.

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The businessman’s wealth has been dropping massively since May, no thanks to Dangote Cement, his major source of wealth, underperformance.

In May, when the company’s share price was N300.00, Dangote rose as high as 60 on the billionaire’s index.

Since May, however, Dangote Cement’s share price has fallen by 21.33 percent, closing at N236 on the last trading day.

The drop in its company’s share price has wiped out more than $2 billion of Dangote’s wealth in just five months.