Dangote’s net worth drops to $19 billion as he loses $863 million

Aliko Dangote, the founder of the Dangote Group and the richest man in Africa, saw his wealth estimate moderated amid stock sell-offs record on Dangote Cement.

When Tuesday’s trading session came to a conclusion, the Kano State-born entrepreneur’s net worth was $19 billion and he ranked 80th globally in the Bloomberg Billionaires Index.

Recent price movement on the Nigerian stock exchange showed that Dangote Cement completed the day at N241.00 a share, down 9.06%, thus trading near its 52-week low of N237, causing the billionaire to suffer a daily loss of $863 million.

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Investors are relatively cautious about the blue-chip stock despite reports that reveal Nigeria’s largest cement maker, Dangote Cement, recorded revenue growth of 17% to N808 billion in Q2 2022.

Aliko’s net worth can currently purchase 197 million barrels of crude oil or 10.6 million troy ounces of gold in the second quarter.

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Dangote Industries, a tightly held corporation, is governed by the wealthiest person in Africa. The Lagos, Nigeria-based business controls Dangote Cement, the largest cement manufacturer in sub-Saharan Africa, with 2021 sales of N1.38 trillion ($3.4 billion). Sugar, salt, oil, fertilizer, and packaged foods are among its other interests.