How Nigerian Billionaire Lost $1.6 Billion In Two Months

Nigeria and Africa’s richest man, Alhaji Aliko Dangote has seen his net worth decrease by $1.6 billion within one month apparently reflecting the harrowing exchange rate problems for Nigerians leading to his exit from the prestigious Top 100 Billionaires Club.

GWG.ng reports that Dangote who recently re-entered the exclusive Top 100 Billionaires Club has fallen below the $16 billion mark and consequently exited the top 100 world rich list.

According to data from the Bloomberg Billionaires Index Dangote saw his net worth slip by $1.6 billion following a reduction from $17.4 billion on September 1 to $15.8 billion as at October ending.

According to Bloomberg, the decline represents a substantial shift in Dangote’s financial standing, following a period of remarkable growth from June 25 to September 1 when his net worth had risen from $15.1 billion to $17.4 billion.

GWG.ng reports that the decline follows the progressive decline in the value of the naira which has in the same period plummeted from one dollar to about N917 to N1,300 leading to the net worth of many Nigerians in dollar terms.

Dangote who has diversified his businesses in many African countries, however, holds a majority of his assets in Nigeria and it is no surprising that the plummet of the naira has affected his standing in the billionaires club.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG