Dangote’s Wealth Decreases by $5 Billion within One Day, No Longer Ranked Among the Top 100 Billionaires Worldwide.
In just 24 hours, Aliko Dangote – the wealthiest person in Nigeria – has plummeted from the 81st to the 113th spot on the list of global billionaires. This is due to his unfortunate loss of a staggering $5.4 billion (equivalent to N7 trillion) that occurred on Thursday, February 1, 2024.
According to the Bloomberg Billionaire Index, Dangote experienced a sharp decrease in his fortune from $22 billion to $16.6 billion within 24 hours, causing him to fall out of the top 100 billionaires worldwide.
The depreciation of the naira by the Nigerian government, following its second devaluation in eight months to resolve exchange rate disparities and attract foreign investors, was also attributed by analysts as a factor that contributed to Dangote’s net worth decline.
In the final week of February 2024, both official and parallel markets experienced a significant drop in the value of naira. This occurred due to FMDQ’s alteration in calculating the official exchange rate which brought it closer to that observed on black market rates.
President Bola Tinubu’s decision to float the naira upon assuming office in May 2023 is perceived as a reform favoring the market. Media sources state that under this new strategy, the official exchange rate underwent an increase from N900 to approximately N1,500 per dollar.
Dangote stocks experienced a surge in their value following confirmation from Femi Otedola, the billionaire investor and Chairman of Geregu Power Plc. He acquired shares worth N5 billion in the cement company, leading to an immediate increase in share prices. They rose from N380 per share to N694 with swift momentum.
Dangote has experienced another significant loss for the second time in only eight months. Back in June 2023, during Nigeria’s currency reform initiative, it was said that he lost over $6 billion; this caused his wealth to dwindle from an impressive $21 billion down to just $15 billion.
The depreciation of the naira did not only impact the Nigerian industrialist, but also had significant consequences for other billionaire investors like Abdul Samad Rabiu – chairman of BUA Group – and Mike Adenuga – Globacomm’s chief executive officer.
In the month of January 2024, Aliko Dangote, Abdulsamad Rabiu and Mike Adenuga’s collective fortune surged by $15.1 billion (equivalent to N13.53 trillion).
According to FRESHREPORTERS NEWS, the joint fortune of three Nigerian billionaires surged by more than N436 billion on a daily basis for all 31 days in January. Aliko Dangote, the creator and leader of Dangote Industries Plc, was an exceptional achiever last month as his cement firm recorded remarkable success on Nigeria’s Stock Exchange – resulting in him attaining near-all-time high net worth…[CONTINUE READING HERE]>>
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