Following the crash of the naira, Aliko Dangote,
president of Dangote group, has dropped off the list of
the 100 richest people in the world.
Dangote was the 51st richest man in the world as at
March 2016, but he had dropped to 101 as at the start of
business on Monday.
Dangote, who owns the second largest sugar-refinery in
the world, remains richer than Donald Trump, American
billionaire presidential candidate, and Oprah Winfrey, US
TV personality, who dubs as the second richest black
woman in the world.
As at today, Dangote net worth is $11.1 billion, while
Trump and Oprah are estimated at $4.5 billion and $3.1
billion, respectively.
The fall in the naira, as against the dollar, from about
198 to about 300, has eroded about a quarter of
Dangote’s wealth, as he commits to investing heavily in
Africa’s largest economy, Nigeria.
At the launch of the new foreign exchange regime on
June 23, 2016, Dangote fell from 46 on the world
billionaire list to 71, and has continued in that manner
with the naira plunge.
According to Bloomberg billionaires, Dangote, who was
worth $15.4 billion (N3.05 trillion) in March, is now
worth $11.1 billion (N3.3 trillion) —richer in naira, but
poorer in dollars.
The launch of Dangote refinery, the biggest greenfield
refinery in the world, billed for 2018/2019 is expected to
propel him into top 20 by 2019.
Dangote Cement, one of Dangote’s major investments in
Nigeria, is the biggest company on the Nigerian Stock
Exchange, by market capitalisation, and the biggest
cement producer in sub-saharan Africa.
The company however missed out of the 100 biggest
companies in the world, according to Fortune 500.
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