Encomium
Dangote Group President and Africa’s richest man, Alhaji Aliko Dangote (57) is being closely monitored by Forbes as his fortunes’ rise and fall never escapes the magazine’s scrutiny.
Today (Tuesday, November 11, 2014), the net-worth of Dangote, now 37th on the richest list was put at $20.5 billion (N3.485 trillion). That is a drop from number 35 yesterday (Monday, November 10) with $21.6 billion (N3.672 trillion) net-worth.
The pride of Africa’s cash cow, Dangote Cement is experiencing hiccups in the stock market, with its share price shedding about N20 last week.
Yesterday, the share price stood at N179.11 – and today, it is N170.16 (a loss of N8.95).
There are fears of impending crash in the stock market reminiscent of the crisis of 2008. The market lost about N2 trillion in the last two weeks. But today, the market capitalization marginally improved to N11.152 trillion from N11.004 trillion yesterday.
Stocks are tumbling because of exit of foreign investors, pressure on the naira on account of unnecessary imports, insecurity in the land with insurgency and upcoming 2015 elections and falling oil price.
