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Dangote drops to 117th on rich list after losing $300m

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Dangote disowns Executive jets, says I have no stake in it

Africa’s richest man, Aliko Dangote, has dropped three places on Bloomberg’s Billionaire Index following the decline in his company, Dangote Cement’s market value.

Dangote, who started the week with $18.1 billion, has slipped from 114th to 117th in the latest rich list.

He was displaced by the Singaporean billionaire, Goh Cheng Liang, who is worth $18 billion.

The Nigerian’s wealth has reduced by $300 million to drop from $18.1 billion to $17.8 billion, according to Bloomberg Billionaire Index.

READ ALSO: Dangote refinery, five others to purchase crude in Naira

Ripples Nigeria’s analysis of the billionaire’s cement company’s market value showed that sell-off among the shareholders triggered a decline in the firm’s valuation.

The sell-off occurred at the close of trading on the Nigerian Stock Exchange (NSE) on Monday.

Dangote Cement’s market valuation depreciated by 3.26 percent from N4.22 trillion reported last Friday to N4.08 trillion on Monday.

The company lost N138.02 billion during the time.

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