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Aliko Dangote, Africa’s second-richest man, has suffered another financial blow as the devaluation of the naira impacts the value of his assets, pushing his net worth below $11 billion.
According to Forbes, the Nigerian billionaire’s net worth declined by $400 million within 24 hours, dropping from $11.2 billion on August 4 to $10.8 billion at the time of this report.
Dangote’s net worth had recently surged to $11.2 billion, putting him on the verge of reclaiming the title of Africa’s richest man. However, the recent dip in his fortune has again placed him behind Johann Rupert, who currently holds the title with a net worth of $11.2 billion.
The decline in Dangote’s net worth can be attributed to the weakening of the naira against the US dollar, which significantly affected the value of his assets, most of which are denominated in naira.
Forbes ranks Dangote as the second-richest man on the continent, with a net worth of $10.8 billion, but Bloomberg presents a contrasting figure.
Bloomberg estimates the Nigerian tycoon’s net worth to be $17 billion, positioning him as the richest man in Africa, ahead of Johann Rupert, who is worth $12.9 billion on the Bloomberg Billionaires Index.
At the core of Dangote’s wealth lies his substantial 86.81 percent stake in Dangote Cement, the largest cement company in Africa. This investment secures his position as the wealthiest investor on the Nigerian Exchange and the world’s richest Black individual.
Apart from Dangote Cement, he holds stakes in several other prominent Nigerian companies listed on the Nigerian Exchange, including Dangote Sugar, NASCON Allied Industries, Jaiz Bank, and United Bank for Africa, owned by Nigerian mogul Tony Elumelu.
Despite the fluctuations in net worth evaluations, Aliko Dangote’s influence as a key player in Africa’s business landscape remains unwavering, and his investments continue to shape the region’s economy.
