Aliko Dangote, the richest man in Africa, fell six spots on the Bloomberg Billionaire Index that was published on Tuesday, June 13, 2023.
The Chairman of the Dangote Group has moved up from the 72nd richest person in the world to the 78th place today.
Dangote’s prospects were impacted by the Nigerian stock exchange’s underwhelming performance.
Dangote Cement’s share price dropped by around N7, trading at N283 as opposed to N290 the day before, having a detrimental effect on Dangote’s revenue.
Investor confidence in Dangote Cement was poor as they focused mostly on banking equities, which improved the performance of the Nigerian Stock Exchange.
Dangote has lost close to $1 billion during the past 14 days, despite continuing to hold the title of richest man in Africa, a title he has maintained for more than ten years.
From $21.2 billion, his current net worth is roughly $20.9 billion.
Dangote vowed to employ roughly 100,000 Nigerians at the refinery, which was commissioned in May.
At the commissioning of the refinery, which was touted as the largest in Africa and the largest single-train refinery in the world, Africa’s richest man revealed this.
According to him, the refinery will bring in over $21 billion in income and spare Nigeria from having to purchase petroleum, which would have required a lot of foreign currency.