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By Gabriel Uchechukwu Ani
Africa’s richest man, Aliko Dangote, has lost about $3 billion in the last week due to the devaluation of Nigeria’s currency, the naira. The Nigerian billionaire is among the most affected by the federal government’s devaluation of the naira, having lost about $7 billion since January.
According to data from the Bloomberg Billionaire Index, Dangote’s net worth is now estimated at $14.8 billion, $3 billion less than his net worth in the second week of February 2024. Despite the excellent performance of Dangote Cement, his primary source of wealth, Nigeria’s richest man could not recoup the losses.
Dangote began climbing in the billionaire ranking in January, gaining a whopping $7 billion in weeks and was ranked 82nd in the world. However, he later plummeted to the 132nd wealthiest man after Nigeria devalued its currency to match up with the parallel market.
At the end of January 2024, Dangote’s wealth stood at a staggering $22 billion, his highest in 10 years. However, he lost almost a quarter of his wealth due to the policies of the Nigerian government, which eroded the gains made by the cement firm. Despite this, Dangote Cement emerged as Nigeria’s most profitable company after gaining N13 trillion in market value in February 2024.
