Dangote Loses $651m in 24 Hours, Gets New Position as Cement Firm Suffers Massive Sell-Offs

• Aliko Dangote, Nigeria, and Africa’s richest man has dropped in billionaire’s ranking
• The Nigerian billionaire lost about $651 million on Friday, July 26, 2024, following the drop in the shares of Dangote Cement
• He is currently ranked as the 152 billionaire globally and has lost over $1 billion this year

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

Nigerian billionaire Aliko Dangote has seen his wealth plummet significantly following the crash of the naira against the dollar and a recent crash in the shares of his cement firm.

On Friday, July 26, 2024, Africa’s richest man lost a whopping $651 million and has seen his fortunes dip by $1.3 billion in 2024.

Investors sell off Dangote Cement shares

Data from the NGX on Friday, July 26, 2024, shows investors sold off their Dangote Cement shares.

Read also

Dangote Cement biggest rival hints on new bag of cement price, gives reasons

However, the company remains Nigeria’s most valuable on the NGX.

The company is on track to exceed its turnover from the previous year, reaching a total revenue of N1.8 trillion in the first quarter of 2024.

The cement company benefited from early gains in cement prices, earning about N127,614 billion, up from N71,766 the year before.

The depreciation of the Nigerian currency and the naira added to the decline in Dangote’s wealth.

The Nigerian currency has lost about 43% of its value since the beginning of 2024

Dangote drops in billionaire ranking

Meanwhile, Dangote has remained Africa’s richest man for 12 years.

Data from the Bloomberg Billionaire Index shows that Dangote is ranked 152 globally, the only Nigeria to rank on the list since its launch.

Read also

Dangote denies using CBN’s FX to fund refinery, says firm got $2.7 billion loan from CBN in 10 years

Dangote is currently entangled in a misunderstanding with Nigeria’s oil industry regulators over his $20 billion refinery.

The Nigeria Midstream and Downstream Petroleum Regulatory Commission (NMDPRA) said the refinery’s products are inferior to imported ones, a claim the refinery’s management debunked.

The refinery has also accused the Nigeria National Petroleum Company Limited (NNPC) of starving it of crude oil, leading to the facility buying crude from Brazil and the US.

Dangote denies using CBN’s FX to fund the refinery

Legit.ng earlier reported that the chairman of the Dangote Group, Aliko Dangote, has disclosed that his company received $2.7 billion in loans from the Central Bank of Nigeria (CBN) to finance the refinery.

The Nigerian billionaire disclosed this in a statement at the refinery recently in Lagos amid an ongoing feud with Nigeria’s regulatory authorities.

According to him, he chose to sidestep project financing due to the challenges of securing funds from international lenders.

Source: Legit.ng