Aliko Dangote, Africa’s wealthiest individual, has experienced a significant decline in his fortune, losing approximately $3 billion in the past week due to the devaluation of Nigeria’s currency, the naira.
The Nigerian billionaire has been notably impacted by the federal government’s decision to devalue the naira, resulting in a total loss of around $7 billion since January.
According to data from the Bloomberg Billionaire Index, Dangote’s current net worth is estimated at $14.8 billion, marking a $3 billion reduction compared to his net worth in the second week of February 2024. Dangote initially ascended in the billionaire rankings in January, accruing an impressive $7 billion within weeks and ranking 82nd globally. However, following Nigeria’s currency devaluation to align with the parallel market, he dropped to 132nd place among the world’s wealthiest individuals.
Despite the commendable performance of Dangote Cement, his primary revenue source, Nigeria’s richest man was unable to recover from the losses. By the end of January 2024, Dangote’s wealth had soared to a remarkable $22 billion, its highest level in a decade. However, nearly a quarter of this wealth was subsequently eroded due to government policies, which offset the gains made by the cement company.
Nevertheless, Dangote Cement emerged as Nigeria’s most profitable company, with its market value increasing by N13 trillion in February 2024.