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Dangote loses $8.4 billion in two months -Drops to number 52 on Forbes rich list

– market capitalisation falls to N9.945 trillion

Nigeria’s troubled economy – with falling oil prices, battered naira and crashing stocks – has taken its toll on Africa’s richest man!

Alhaji Aliko Dangote,57, ranked number 23 with a fortune of $25 billion ( N5 trillion), on November 5, 2014, is today (Tuesday, January 27,2015) worth $16.6 billion ( N3.32 trillion).

With our struggling economy, the adored mogul and pride of Africa has taken heavy blows below the belt, losing N1.680 trillion in two months.

The Kano-born President of Dangote Group danced from the number 23 spot to 31, 35, 37, 39 … and now 52 on Forbes compilation of the wealthiest men in the world.

With interests in cement, sugar, flour, salt and more, Dangote still stands tall on the rich list…

Meanwhile, many are worried about the scale of fall in the stock market. Market capitalisation of equities which surpassed N14 trillion in the middle of 2014 is today standing at N9.945 trillion. The almost N5 trillion loss reminds millions of the 2008/2009 months of woes and anguish.

The fall in oil prices, the insecurity fuelled by 2015 elections, exit of foreign investors and more have been tied to the struggling market and the economy in general.

Encomium

Written by Encomium

A media, tech and events company.

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