Report: Dangote loses $8.7 billion amid currency woes

Aliko Dangote's net worth dropped by $8.7 million despite seeing a surge at the end of January that saw his wealth peak above $23 billion.

The substantial setback according to Billionaires.Africa is attributed to the recent devaluation of the Nigerian naira and a decline in the share price of his flagship company, Dangote Cement Plc. Dangote Cement.

Dangote Cement, the largest cement producer in Sub-Saharan Africa is reported to have experienced a withdrawal on the Nigerian Stock Exchange that contributed to the overall decline in Dangote’s fortunes.

Dangote, Africa's richest man saw his fortunes drop to $14.6 billion from $23.3 billion on Jan. 30 which is below the $15-billion threshold. The decline is also attributed to the recent devaluation of the naira, the second time the currency has experienced devaluation in eight months.

The devaluation of the currency is part of a strategic ongoing effort to streamline the country's multiple exchange rate system and attract foreign investment.

Despite these financial setbacks, Dangote remains one of the world’s wealthiest individuals, currently ranking as the 135th richest individual globally, according to the Bloomberg Billionaires Index.