Othman Benjelloun, a Moroccan billionaire and leading financial services magnate, has lost $200 million in wealth since the beginning of the year due to a steady decline in the market capitalization of his multinational pan-African banking conglomerate, Bank of Africa.
Benjelloun, one of Africa’s richest billionaires, has a net worth of $1.3 billion at the time of writing, making him the country’s second-richest man after Prime Minister Aziz Akhannouch, who has a net worth of $2 billion.
The Moroccan banker, who was instrumental in the growth and transformation of Bank of Africa, one of Africa’s largest banks with a presence in more than 20 African countries, owns a 33.39-percent stake in the Casablanca-based lender.
According to data gathered by Billionaires.Africa, his net worth has decreased from $1.5 billion at the start of the year to $1.3 billion at the time of drafting this report. This equates to a $200 million loss for the Moroccan billionaire since the beginning of the year.
Despite a $200 million drop in his net worth, the Moroccan financial services magnate remains the country’s second-richest man and one of Africa’s richest billionaires.
The $200-million slump in his net worth can be attributed to the decline in the market value of his stake in Bank of Africa, as well as the depreciation of Moroccan dirhams against the U.S. dollar, which had a significant impact on the valuation of his wealth.
Shares in the Moroccan bank have fallen from MAD223 ($22.67) to MAD195 ($19.82) at the time of writing, representing a 12.56-percent drop for shareholders, including Benjelloun, who owns 33.39 percent of the Casablanca-based lender.
Aside from his stake in Bank of Africa, the leading billionaire has a beneficial stake in Orange’s Moroccan arm through his holding company, FinanceCom.
