Alhaji Aliko Dangote, the richest man in Africa and Chairman of Dangote Group, has lost $5.4 billion of his fortune this year, according to the data obtained from Bloomberg Billionaires Index.
However, with an average exchange rate of N250 to a dollar, the value of Dangote’s $5.4 billion loss can be equated to about N1.35trillion.
The Bloomberg Billionaires Index blamed the sharp drop in Dangote’s net worth on the fall in commodity prices and the devaluation of the Naira in June by the Central Bank of Nigeria (CBN).
According to the report, Africa’s second wealthiest man, Christo Wiese of South Africa, trails Dangote by $2.8 billion with his fortune climbing 12 percent this year on the index.
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