Dangote drops off 100 richest people list, loses $4.12bn to Naira devaluation

Aliko Dangote’s wealth has decreased by $4.12 billion since the liberalization of the naira and the unification of exchange rates by the CBN, dropping from 72nd to 101st, with a net worth of $16.8 billion.

At the close of trading on Friday, the FMDQ reported that the local currency had plunged to 663 naira against the dollar in the official market, from last week’s 461 naira. Dangote Cement, Dangote Sugar, and Nascon Allied Industries are among the billionaire’s naira-denominated investments.

Nigerian banks are now able to buy and sell foreign currencies at market rates not dictated by the CBN, as Nigeria struggles to regain investor confidence with a more transparent foreign exchange regime.

The devaluation of the Nigerian naira directly affects the calculation of Dangote’s assets in US dollars, resulting in a lower valuation when the naira depreciates.

According to the Bloomberg Billionaires Index, Dangote’s fortune, including earnings from Dangote Cement, Dangote Sugar, and Nascon Allied Industries, has reached $16.8 billion.

READ ALSO: How Dangote, Rabiu lost $5.85bn to Naira devaluation

Rabiu, the founder of BUA Group and a major shareholder in BUA Cement and BUA Foods, has experienced a decline in net worth and has been removed from the list of the world’s 500 richest people in the Bloomberg Billionaires Index.

The Bloomberg Billionaires Index, established in March 2012, provides a daily ranking of the world’s 500 richest individuals based on net worth. It relies on information from stock market events, economic indicators, and news reports, and offers profiles of each billionaire as well as tools for comparing their wealth. The index is updated daily using New York closing prices.

Meanwhile, Aliko Dangote and Microsoft co-founder Bill Gates will meet with President Bola Tinubu at the state capital in Abuja on Monday. Dangote made the announcement Friday after a private session with Tinubu at Aso Rock Villa.

Dangote did not specify the purpose of Monday’s visit, but it is understood to be part of ongoing discussions President Tinubu has with key leaders in local and global business.