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Business News of Thursday, 1 September 2022

Source: www.legit.ng

Dangote moves four places up but loses N10.4 billion in one month in new ranking

Aliko Dangote Aliko Dangote

Despite moving four places up on the billionaire's table, Nigeria's billionaire and industrialist, Aliko Dangote, lost about N10.4 billion of his fortune.

In the latest ranking by Bloomberg, Dangote placed 76 on the table, four places up from his 80th position last month, but the move did not translate to improvement in his fortunes.

Dangote Cement shares flounders

Africa's richest man lost a whopping N10.4 billion due to the fall in the share of his cement company, Dangote Cement.

The index year-to-date showed the billionaire in a deficit of -$15.3 million, meaning a loss for the month ending August 31.

The surprise on this year's billionaire index was that of Gautam Adani, the Indian business tycoon who emerged the third-richest man in the world, behind Elon Musk and Jeff Bezos.

Adani is the owner of Adani Group, an Indian multi-national conglomerate which operates port services, power transmission, renewable energy, and airport services.

Adani strikes energy deal

His company signed a major deal with TotalEnergies for a renewable energy partnership.

Adani is said to be a school dropout and had displaced Microsoft founder Bill Gates last month from the fifth position and raced to the top three places in less than one month.

According to various reports, his fortunes increased by $60 billion this year.