Africa’s richest man and the chairman of Dangote Group, Aliko Dangote has suffered a whopping $135m (N106bn) loss in his net worth.
Dangote’s net worth fell by 1.15 per cent on Thursday to $11.6bn (N9.1trn).
Data gathered by Freelanews showed that on Thursday, the billionaire lost his position to become 154th in the world.
He fell below China’s petrochemical mogul, Li Shuirong & family.
Results from the Nigerian Exchange Limited showed that the Kano State-born billionaire’s losses stem from the decline in the share prices of his cement company, Dangote Cement Plc and Dangote Sugar Plc.
Dangote Cement’s share price fell by N5 to N365 ($0.46) per share from N370 ($0.47) traded on Wednesday.
The company’s market capitalization fell to N6.219trn ($9.91bn) from N6.304trn ($8.02), which represents N85.2bn ($108.46) loss by the billionaire who controls over 86 per cent of the company’s stake in the company.
After the close of trade, Dangote Sugar’s market capitalization fell to N777.4bn ($989.6m) from N809.59bn ($1.03m), following the decline in the company’s shares by N2.65 ($0.0033).
Dangote Sugar shares fell from N66.65 per share on Wednesday to N64 per shares, translating to N32.18bn ($40.96m) loss on Thursday.
Cumulatively, both companies lost N117.38bn ($149.4m).
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
