Encomium
Africa’s richest man, Alhaji Dangote further lost $1.3 billion (N220 billion) from his networth on Friday, November 7, 2014!
At the beginning of the day, he was worth about $21.3 billion (N3.6 trillion) on Forbes richest list, standing at number 37.
By 3 p.m of Friday, November 7, his net-worth had dropped to $20 billion (N3.4 trillion),losing $1.3 billion in a few hours.
The pride of Africa with investment in cement, flour, beverages and more, lost about N10 per share of Dangote Cement today (Friday, November 7, 2014), trading at N188.53 (from yesterday’s N198.45) per share.
The total drop in his fortunes rested at N850 billion in one day ($5 billion).
The stock market is in a free fall, shedding N421 billion in 24 hours. Yesterday’s capitalization, the lowest in five years, stood at N11.425 trillion. And today, it dropped to N11.004 trillion.
The naira, however, gained about N4 to the dollar, exchanging at N166.90 (from yesterday’s N170.5).
Alhaji Aliko Dangote maintained his 37th position on the Forbes list, with Dr. Michael Adenuga rated at number 317 with $4.8 billion (N816 billion) net-worth, and Mrs. Folorunsho Alakija at number 790, with $2.3 billion (N391 billion).
