BY BANYO TEMITAYO WITH AGENCY REPORT
DANGOTE Industries Limited ended trading on the Nigerian Stock Exchange, on Friday, as the biggest loser.
This saw the President of the Nigerian multinational industrial conglomerate, Aliko Dangote, dropping by $900m in net worth.
Bloomberg Billionaires Index, which ranks the first 500 richest people in the world, showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday, taking him from 106th to 114th on the list of wealthiest people in the world.
“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.
The report however said that a $12bn oil refinery, currently being developed in Nigeria, was not included in the valuation “because it’s not yet operational and construction costs are calculated to outweigh its current value.”
Dangote is the only Nigerian on the list.
