Cover Stories, News

Dangote Recovers $900 Million From Lost Fortunes

-Stock market capitalisation inches near N10 trillion

PRESIDENT of Dangote Group and Africa’s richest man, Alhaji Aliko Dangote has recovered $900 million from his lost fortunes in one week…building his net-worth from $14.9 billion to $15.8 billion, and moving from Forbes rich list at number 63 to number 59.

Good news also came from the Nigerian Stock Exchange as market capitalisation is fast inching near N10 trillion from its low of N9.1 trillion a few weeks back.

Africa’s pride and Kano born mogul, Dangote, 57, appears to have overcome his streak of low moments as his net-worth heads northwards again, after losing almost $10 billion in three months.

Making an appearance at number 23 on the Forbes list on November 5, 2014, with $25 billion, our joy was short-lived as Dangote’s fortunes nose-dived, and settled at $14.9 billion on Monday, February 16, 2015. His ranking on the list dropped to number 63.

The bungee jump loss of the adorable businessman was tied to the stock market which fell from over N14 trillion (in the middle of last year) to N9.1 trillion a few weeks ago. Devaluation, crashing value of the naira against the dollar, exit of foreign investors, insecurity and uncertainty on account of the postponed elections, rage of insurgents and maladministration were adduced for the crumbling economy.

But the market is fast recovering, planting hopes in the bosoms of millions. On Monday, February 23, 2015, at 3:45 pm market capitalisation romanced N10 trillion (at N9.940 trillion) and All Share Index was 29,793.13 points.

The naira, which settled at around N200 to the dollar at the official market, is about N215 at the black market.  Analysts are hopeful that the economy will rebound once elections hold as scheduled, and a peaceful transition is staged.



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