Dangote dips eight in Global Billionaires list

Dangote Industries Limited ended trading on the Nigerian Stock Exchange, NSE, Friday, as the biggest loser leaving its owner, Aliko Dangote, with a drop in net worth by $900m, according to Bloomberg.

According to Bloomberg Billionaires Index obtained by The Daily, www.thedaily-ng.com, Dangote’s wealth dropped from $18.4bn on Thursday to $17.5bn on Friday, thus causing him to drop from 106th to 114th on the list of wealthiest people globally.

Nevertheless, Bloomberg, stated: “The majority of Dangote’s fortune is derived from his 86 per cent stake in publicly-traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries. “A $12bn oil refinery that is currently being developed in Nigeria isn’t included in the valuation because it’s not yet operational and construction costs are calculated to outweigh its current value.”