Nigerian ‘Richest’ Aliko Dangote Looses Position, Drops Off World Top 100 Billionaire List

 Nigerian  ‘Country Richest’ Aliko Dangote Loses $5 Billion in 24 Hours, Drops Out of First 100 Billionaires in The World. 

According to a further report, he has dropped far in the billionaires ranking after losing N7 trillion in 24 hours.

Dangote’s wealth dropped following the devaluation of the naira again by the Nigerian government Dangote’s wealth declined from $22 billion to N16.6 billion in 24 hours.

Aliko Dangote has dropped from 81st to 113th on the list of the world’s wealthiest people and  the development follows the loss of $5.4 billion (N7 trillion) suffered by the Nigerian billionaire on Thursday, February 1, 2024.

The move is seen as a market-friendly reform introduced by President Bola Tinubu, who floated the naira immediately after he became president in May 2023.

According to reports, the new methodology moved the official exchange rate from N900 to about N1,500 per dollar.

Otedola’s investment boosts Dangote Cement shares The rise in the share price of Dangote stocks came as billionaire investor and Chairman of Geregu Power Plc, Femi Otedola, confirmed the acquisition of about N5 billion worth of the cement company’s shares.

The move rapidly boosted the company’s share price from N380 per share to N694.

This is the second time Dangote will suffer such a massive loss in eight months.

In June 2023, when the Nigerian government newly embarked on the currency reforms, it reportedly lost over $6 billion.

His wealth declined from $21 billion to $15 billion.

The Nigerian industrialist was not the only Nigerian investor affected by the fall of the naira.

Other billionaires, such as BUA Group Chairman Abdul Samad Rabiu and Globacomm boss Mike Adenuga, also suffered huge losses.