“Africa’s richest man,Dangote looses N1.35 trillion to Nigeria’s economic recession”..Bloomberg 

BUSINESS

Aliko Dangote,Africa’s richest man.

Africa’s richest man, Aliko Dangote has lost $ 5.4 billion (N1.35 trillion)in his fortune this year,according to the latest billionaire index reports of Bloomberg.

The highly reputable financial reporting media outfit said Dangote’s loss was occasioned by the massive fall of the Nigerian currency, the Naira as the Central Bank of Nigeria rations the dollar, to stem huge capital outflow in the wake of Nigeria’s worst economic crisis.
The Index blamed the sharp drop in Dangote’s networth on the slump in commodities prices and the devaluation of the naira in June by the Central Bank of Nigeria (CBN)

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

Calculating based on an average exchange rate of N250 to a dollar, Dangote’s 5.4 billion dollars loss translates to about N1.35 trillion.

The Bloomberg report  stated that Africa’s second-wealthiest person, South African Christo Wiese, trails Dangote by 2.8 billion dollars with his fortune climbing 12 per cent this year on the index.

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