Aliko Dangote Loses N36bn in Hours over Naira Depreciation Today August 16, 2023

Aliko Dangote lost 36 billion Nigerian Naira due to the depreciation of the Naira within a few hours on August 16, 2023.
Aliko Dangote, who has been Africa’s richest person for the past decade, is no longer among the world’s top 100 billionaires.

This change happened because he lost a massive N36.72 billion (around $47.5 million) in his wealth within hours on August 16, 2023. According to Bloomberg, Dangote’s total worth is now $16.9 billion, and he’s ranked as the 101st richest person globally.

From January to August 16 this year, Dangote lost a significant $1.83 billion in wealth. This affected his ranking compared to other wealthy people in Africa.

Johann Rupert, a billionaire from South Africa who is the second richest person in Africa, also faced a big loss, losing over $230 million.

Currently, Johann Rupert’s net worth is $12.2 billion, and he’s at the 149th position on the list of the richest people globally, which is 48 spots below Dangote.

Dangote mainly gets his money from owning 86% of the shares in Dangote Cement, a company that’s traded publicly. He owns these shares directly and through his company, Dangote Industries.

Apart from this, Dangote also owns parts of other publicly traded businesses like Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. He holds these stakes directly and through his company, Dangote Industries, which also owns some private businesses in areas like food manufacturing, fertilizer, and oil.

It’s expected that his wealth will increase when his refinery, capable of producing 650,000 barrels per day, starts operating.