Recession: Dangote’s wealth falls by 32% in 2016

Year 2016 has been particularly though one for people and businesses in Nigeria as the depreciation in the value of the country’s currency  and global shock in crude oil prices reshaped the wealth of many including Alhaji Aliko Dangote, the President of Dangote Group.

According to the Bloomberg Billionaires Index, Nigeria’s Aliko Dangote, the richest person in Africa, lost about $4.9 billion, 32 per cent his wealth by the close of trading on the Nigerian Stock Exchange on December 27, 2016.

The fall in Dangote’s wealth is as a result of the combined effect of falling oil prices and the June devaluation of the naira by the Central Bank of Nigeria (CBN) which pushed him to No. 112 with $10.4 billion on the Bloomberg Billionaire table.

Dangote’s source of wealth is built around sugar, cement and flour with intended plans to invest in oil.