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Dangote’s fortune drops in Q3 as Sugar firm loses N13.36bn

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Dangote slides down Forbes richest people’s list, loses $2.5bn in 4 weeks

The wealth of Africa’s richest, Aliko Dangote, dwindled on Tuesday after two of his companies, Dangote Cement and Dangote Sugar, continued their disappointing trade periods.

Dangote Cement share had been trading flat since it appreciated end of Q3 this year to N280 per share from N261, while Dangote Sugar stock depreciated by 6.32 percent.

The drop in the sugar stock value has cost investors N13.36 billion quarter-to-date, with total investors fund declining from N211.35 billion to N197.99 billion within the same period.

Dangote Cement’s flat trade and the drop in the sugar’s capital market price has held back the fortune of the billionaire who occupies 191 position on Forbes billionaire index.

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

According to the wealth index, Dangote’s networth was down to $13.5 billion as of November 23, against the $13.6 billion his estimated fortune was in October.

As of last year, the cement boss was said to be worth about $8.3 billion, with his wealth declining in the last five years, when he was worth $14.7 billion in 2015.

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