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 dropped
to 101th place yesterday, reported online news website, The Cable.
Dangote, who owns the second largest
sugar-refinery in the world, remains richer than Donald Trump, American
billionaire and presidential candidate, and Oprah Winfrey, US TV personality,
who ranks as the second richest black woman in the world.
Dangote is now worth $11.1 billion,
while Trump and Oprah are estimated at $4.5 billion and $3.1 billion,
respectively.
The fall of the naira against the
dollar from about 198 to over 300 shaved off about a quarter of Dangote’s
wealth, as he commits to investing heavily in Africa’s largest economy.
At the launch of the new foreign
exchange regime on June 23, 2016, Dangote fell from 46 on the world’s
billionaire list to 71, and has continued in that manner as the local currency
continues to 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 to the 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 largest cement producer in
sub-Saharan Africa
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