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Aliko Dangote reportedly losses 900m dollars in 24 hours

Aliko Dangote reportedly losses 900m dollars in 24 hours.png

Aliko Dangote reportedly losses 900m dollars in 24 hours

Nigerian billionaire business magnate and philanthropist Aliko Dangote reportedly losses $900m after his company, Dangote Industries Limited, emerged the biggest loser at the end of trading on the Nigerian Stock Exchange.

As seen in report by Bloomberg Billionaires Index, his wealth fell from $18.4billion on Thursday to $17.5billion on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day.

Dangote’s net worth had risen from $15.5bn on December 13 to close the year 2020 at $17.8bn. He further gained $600 million within the first week of 2021 but lost all of it and more last Friday.

The share price of Dangote Cement Plc, the country’s biggest listed company, and Africa’s largest cement producer, reportedly tumbled by 8.13 percent to close at N225 on Friday from N244.90 on Thursday

“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,” Bloomberg said.

Despite the loss, Dangote still maintained a place among the list of 500 billionaires across the world at No. 114 and retained his position as Africa’s richest person as of Friday.

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Written by Ohagwa Favour

My Name is Ohagwa Onyedikachi. I Hail from Imo state and a Student of Federal University of Technology Owerri, I am a fun person and enjoy playing games at my leisure!

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