Aliko Dangotes net worth dropped 549 million in a single day, falling from 29.3 billion to 28.7 billion, following a steep sell-off in Dangote Cement shares.
Dangote Cement shares fell 9.88 percent as investors sold nearly 2.6 million shares valued at 0.88 million, reducing his stake from 5.4 billion to 4.96 billion.
Dangotes private assets remain stable, including 18.6 billion in his refinery, 3.02 billion in Dangote Fertilizer, 497 million in oil licenses, and 744 million in cash.
Just two weeks after excitement grew that Africa might soon have its first 30-billion man , Aliko Dangotes fortune has taken a sharp hit. The continents richest person lost 549 million in a single day, pulling his net worth below 29 billion for the first time since early August , when it had briefly climbed above that milestone.
Bloomberg data shows that Dangote, who recently stepped down as chairman of Dangote Cement Plc to focus on his 20 billion oil and petrochemical complex, lost ground largely because of market movements in his cement empire. At the start of trading on August 19, he was worth 29.3 billion. By the close of business, his fortune had slipped to 28.7 billion.
Africas richest man faces market setbackThe setback was driven by a sell-off in Dangote Cement, Africas biggest cement producer, where he controls an 87.45 percent stake. Investors offloaded nearly 2.6 million shares worth N1.35 billion 0.88 million on the Nigerian Exchange in Lagos, pushing the stock down 9.88 percent in a single day . As a result, Dangotes stake fell from 5.4 billion to 4.96 billion.