The sell offs that began in November 2014 seems to have affected the net worth of Aliko Dangote according to the latest tracking from Forbes. Back in March when they released the richest man in Africa data, Dangote had a net- worth $25 billion. The latest updates of the Forbes rich list has seen that net-worth drop by $3.4billion to $21.6billion. That represents a massive 13.6% hit in just under a year. Just imagine losing $3.4billion??? In fact the loss in value might be wider if we take December’s dismal stock performance into consideration.
This is not surprising considering the fact that the Nigerian stock market has seen massive sell-offs in recent times and particularly this week. As at March 2014 when they had the ranking, Dangote Cement, Dangote Sugar and Nascon shares were selling for N240, N9.7 and N12 respectively. Dangote is believed to own about 93% of Dangote Cement, the most capitalized company on the exchange making up 25% of NSE market value. Each of these stocks have in the last few weeks touched multi-year lows at one time of the other. Aliko is still number 1 and $14.4 billion richer than Johann Rupert who stands at no 2 with $7.3billion.
Photo credits: Forbes & Wikipedia respectively