Dangote Sh940bn poorer than last year, says Forbes
What you need to know:
The Nigerian cement, sugar and flour magnate is down $10.3 billion (about Sh940 billion) from a year ago.
He is a victim of a slumping Nigerian Stock Exchange, devaluation of the naira and falling demand for cement.
Nigeria’s commodities magnate Aliko Dangote suffered the greatest slump in net worth of the 1,826 dollar billionaires on the 2015 Forbes magazine list.
He has lost more money on paper than the ten richest Kenyans are thought to own, according to the latest rankings of the world’s wealthiest people.
The cement, sugar and flour magnate is down $10.3 billion (about Sh940 billion) from a year ago due to devaluation of the naira and falling demand for cement. He is also a victim of a slumping Nigerian Stock Exchange, as uncertainty about the nation’s future has left investors sceptical.
The country, which is battling a Boko Haram insurgency, postponed presidential elections scheduled for February over security concerns.
Dangote is still the wealthiest person in Africa, with a net worth of $14.7 billion (Sh1.3 trillion) as of February 13 this year.
This year’s Forbes list of dollar billionaires includes no Kenyans.
Bidco Oil’s Vimal Shah, who was included in error in 2013 with a net worth of $1.6 billion (about Sh140 billion), was last year reported to own much less.
