Dangote Earns N313.2bn in 24 Hours After Losing N5.6 Billion Overnight
The wealthiest man in Africa, Aliko Dangote, has recovered from his Wednesday, November 15, 2023, loss of around N5.6 billion.
The Nigerian industrialist, whose net worth has decreased, fell off the list of the world’s 100 richest individuals, falling from 76th place in June when Nigeria depreciated its currency.
The majority of Dangote’s stocks were impacted by the currency devaluation, particularly Dangote Cement, in which he has a controlling ownership and which is the main source of his fortune.
Since Nigeria started the foreign exchange reforms, which caused the naira to lose more than 40% of its value, Dangote has lost almost $5 billion. With an estimated net worth of $15.8 billion, he is ranked 115th in the world on the Bloomberg Billionaires Index.