Encomium
Alhaji Aliko Dangote has regained $600 million from his lost fortunes today (Wednesday, February 18, 2015), moving from number 63 to 58 on the Forbes rich list.
The 57 year-old Kano-born mogul who is king of cement, flour, sugar, salt and more is worth $15.5 billion, against $14.9 billion yesterday (Tuesday, February 17, 2015).
The pride of Africa and its richest son has suffered damaging blows since he climbed to number 23 with $25 billion net-worth on November 5, 2014, on the coveted Forbes list.
His fortunes dropped to an alarming $14.9 billion last week – losing $9.1 billion in three months.
The President of Dangote Group can smile a bit again, as he recovers from the streak of losses.
Today, his cash cow, Dangote Cement gained N5.80 at the stock market (moving from N149.2 to N155).
The stock market itself made some gains, closing at N9.735 trillion today. The market has lost almost N5 trillion in the last six months, when capitalisation rose to over N14 trillion.
The trouble in the stock market has been linked to exit of foreign investors, uncertainty on account of 2015 elections, rage of insurgents, crashing naira against the dollar, falling oil prices and economic mismanagement.
