In October, Aliko Dangote, who is the richest person in Africa, lost $200 million of his wealth.
Aliko Dangote has the most money of any Black person in the world.
Aliko Dangote is the richest person in Africa. Since the beginning of October, his net worth has gone down by $200 million. This is because the value of his cement company, Dangote Cement Plc, has been going down steadily. In the first five months of 2022, his company made billion-dollar profits.
The recent drop in his wealth comes after a $400 million drop in his net worth in September, which was caused by a market-wide sell-off of shares on the Nigerian Exchange in response to the Central Bank of Nigeria's policies to tighten money.
The Bloomberg Billionaires Index, which tracks the wealth of the 500 richest people in the world, says that Dangote's wealth has dropped by $200 million in the past 28 days, from $18.7 billion on October 1 to $18.5 billion at the time this report was written.
Dangote is the richest person in Africa and the richest Black person in the world. He gets most of his money from his 86 percent stake in Dangote Cement, which is worth $8.13 billion right now.
His privately owned fertilizer plant, which can make up to 2.8 million tonnes of urea per year, is worth an additional $5.15 billion.
With Dangote's recent drop in wealth, it is now estimated that he has lost $611 million in wealth so far this year. He joins a long list of African billionaires whose wealth has dropped significantly since the beginning of the year, including Johann Rupert, Patrice Motsepe, Strive Masiyiwa, and Mohammed Al-Amoudi.
Since the beginning of the year, his net worth has gone down. This is because the shares of Dangote Cement kept going down as investors continued to sell down their stakes in the leading cement company.
Dangote Cement is the biggest cement company in Africa. It can make 51,55 million tons of cement per year in ten different countries.
Its profit dropped by more than 10% in the first half of 2022, from N191.63 billion ($460.8 million) to N172.1 billion ($413.8 million). This was because selling and distribution costs went up, and direct production costs went up because energy costs went up.
After a dispute over ownership between Dangote Industries Limited and the Kogi State government, a state government in Nigeria's north-central region, Obajana Cement Company has been locked up for almost three weeks.
The group's most important plant is the Obajana Cement Factory, which opened in 2008 and can make 16.25 million tons of cement per year across five lines. The factory has reserves of 647 million tons of limestone that are expected to last 45 years. A fleet of 2,370 trucks helps the factory run.