President of Dangote group and Africa’s richest man, Aliko Dangote has dropped off the list of the 100 richest people in the world owing to the continuous fall of the naira against the dollar.
In a matter of weeks, the naira has dropped from 198 to more than 300 against the dollar, eroding about $4.3billion from Dangote’s wealth.
Dangote who was the 51st richest man in the world as at March 2016, is now on number 101. On Bloomberg billionnaires, the busness mogul was worth $15.4 billion (N3.05 trillion) in March but is now worth $11.1 billion (N3.3 trillion). Ironically, he is now richer in naira than in dollars
Dangote, worth $11.1 billion, however remains richer than Donald Trump ($4.5 billion) and Oprah Winfrey($3.1 billion) put together.
It is expected that by the time Dangote refinery, the biggest greenfield refinery in the world is launched in 2018/2019, Dangote would rank among the top 20 in the world.
Dangote Cement, one of Dangote’s major investments in Nigeria, is the biggest company on the Nigerian Stock Exchange, by market capitalisation, and the biggest cement producer in sub-saharan Africa.
The company however missed out of the 100 biggest companies in the world, according to Fortune 500.