Naira devaluation snatches $400 million from Dangote’s wealth in one day

Aliko Dangote has experienced yet another financial setback as a result of the naira's depreciation, which has reduced the value of his assets and reduced his net worth below $11 billion.

According to Forbes, the Nigerian billionaire's wealth dropped from $11.2 billion on August 4 to $10.8 billion, a $400 million fall in just one day.

Meanwhile, in an updated list as of August 5, 2023, Dangote has taken back his position as no one with his wealth climbing up $13.5 billion as of the time of this writing.

This is on the back of earlier report by Legit.ng that the richest Nigerian man has been displaced as Africa's richest man, the position he held for over a decade.

Dangote's net worth had earlier increased to $11.2 billion, putting him in position to recover the title of Africa's richest man. However, the subsequent decline in his wealth has once more put him behind Johann Rupert, who currently holds the title with a net worth of $11.2 billion.

Because the majority of Dangote's assets are in naira, the reduction in his net worth can be linked to the naira's value falling against the dollar.

With a net worth of $10.8 billion, Forbes had listed Aliko Dangote as the second-richest person on the continent; Bloomberg provides a different estimate.

Meanwhile, the Nigerian billionnaire, whose net worth is estimated by Bloomberg to be $17 billion, is the richest person in Africa, surpassing Johann Rupert, who is valued at $12.9 billion according to the Bloomberg Billionaires Index.

Dangote's significant 86.81 percent ownership position in Dangote Cement, the biggest cement producer in Africa, is the foundation of his wealth. The Group currently introduces cutting-edge technology in cement production, discovers alternative fuel. His position as the richest investor on the Nigerian Exchange and the richest Black person in the world is cemented by this investment.

In addition to Dangote Cement, he owns shares of several other well-known Nigerian corporations that are traded on the Nigerian Exchange, such as Dangote Sugar, NASCON Allied Industries, Jaiz Bank, and Tony Elumelu's United Bank for Africa.

The Nigerian tycoon, whose net worth is estimated by Bloomberg to be $17 billion, surpasses Johann Rupert, who is valued at $12.9 billion according to the Bloomberg Billionaires Index, to become the wealthiest person in Africa.

The foundation of Dangote's riches is his large 86.81 percent ownership share in Dangote Cement, the biggest cement producer in Africa. With this transaction, he maintains his status as the richest Black person in the world and the richest investor on the Nigerian Exchange.

He also owns shares in Dangote Sugar, NASCON Allied Industries, Jaiz Bank, and United Bank for Africa, which is owned by Nigerian business tycoon Tony Elumelu. In addition to Dangote Cement, these additional notable Nigerian companies are listed on the Nigerian Exchange. Aliko Dangote's position as a significant player in Africa's corporate landscape continues to be constant, and his investments continue to influence the region's economy despite variations in net worth assessments.