The President and Chief Executive Officer, Dangote Group, Aliko Dangote, saw his total net worth drop by $2.5 billion in the last 30 days, according to Bloomberg Billionaires Index.
The index, which is a ranking of the world’s 500 richest people, showed that his wealth fell from $15.9 billion as at February 25, 2020, to $13.4 billion on March 26. It had risen to a high of $16.5 billion on January 27.
He is the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person.
“Africa’s richest person controls Dangote Industries, a closely held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement, which had revenue of N901.2bn ($2.5bn) in 2018. It also has interests in sugar, salt, flour, fertiliser and packaged food,” Bloomberg said.
The share price of Dangote Cement Plc, the biggest listed company on the Nigerian Stock Exchange, fell by 23.71 percent to N129.70 on Thursday from N170 on February 25, 2020.
Dangote became $4.3 billion richer in 2019, ending the decade with a net worth of almost $15 billion, making him the 96th wealthiest man in the world, according to the index.
The founder and Chief Executive Officer of Amazon, Jeff Bezos, remains the richest person in the world with a total networth of $116 billion, followed by Bill Gates ($96.4 billion); Bernard Arnault ($77 billion); Warren Buffett ($71.2 billion) and Mark Zuckerberg ($60 billion).
According to Bloomberg, net worth figures are updated every business day at the close of every trading day in New York, with assets categorised as publicly traded companies, private assets (including closely held businesses, art and real estate), cash and other liquid investments and liabilities.
“Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to US dollars at current exchange rates,” it said.