Dangote’s net worth plunges by $5.4bn over Nigeria’s economic distress


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Richest man in Africa and Chairman, Dangote Group, Alhaji Aliko Dangote has lost $5.4 billlion of his net-worth since this year.

This was contained in data obtained, Wednesday, from Bloomberg Billionaires Index.

This drop was caused by slump in commodities prices and a devaluation of the naira in June.

The report put Dangote’s net worth at $9.9 billion, a 62 per cent drop since January 2014,

Using an average exchange rate of N250 to a dollar, Dangote’s $5.4 billion loss translates to about N1.35 trillion.

However, Africa’s second-wealthiest person, South African Christo Wiese, trails Dangote by $2.8 billion with his fortune climbing 12 percent this year on the index.

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