Africa’s richest man and the wealthiest Black man globally Aliko Dangote has seen his net worth decline by $200 million in 22 days following a decrease in the market value of his stakes in his cement, sugar and salt businesses.
Data retrieved from the Bloomberg Billionaires Index revealed that between Aug. 24 and Sept. 15, his net worth declined from $18.2 billion to $18 billion, taking his total net worth loss in the last 22 days to $200 million.
According to Bloomberg estimates, Dangote saw his wealth peak at the $18.4-billion mark this year in January 2021.
The multimillion-dollar loss in his net worth can be linked to a decline in the share price of Dangote Cement Plc, Dangote Sugar Refinery and NASCON Allied Industries Plc, the Nigeria-based salt processor.
Data tracked by Billionaires.Africa showed that between Aug. 24 and Sept. 15, Dangote Cement shares fell from N249.6 ($0.607) to N245.0 ($0.595), while shares in his sugar business (Dangote Sugar) and his salt-processing outfit (NASCON) fell from N18 ($0.0437) to N17.30 ($0.0420) and N14.65 ($0.0356) to N14.15 ($0.0344), respectively.
Despite the decline in his net worth, Dangote remains the richest man in Africa.
His net worth makes him the 114th richest man in the world alongside Chinese billionaire Wang Wei, who also has a net worth of $18 billion.
Dangote derives the majority of his wealth from his flagship company Dangote Cement.
Following an impressive financial performance in 2020, the cement behemoth posted N196 billion ($476.3 million) in profits for the first half of 2021, representing a 51.9-percent growth compared with last year’s figures.
