Africa’s richest man Aliko Dangote’s net worth had a $400-million drop in September due to a market-wide sell-off of shares on the Nigerian Exchange.
The sell-off was prompted by monetary tightening policies implemented by Nigeria’s Central Bank, according to Billionaires Africa.
According to data from the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest people, Dangote, who presently ranks 68th on the list, saw a $400-million drop in his net worth in September.
Dangote is one of the few African billionaires whose net worth has decreased noticeably since the start of the year, joining Johann Rupert, Patrice Motsepe (South Africa), Strive Masiyiwa (Zimbabwe), and Mohammed Al-Amoudi.
Dangote’s net worth plunged from $19.1 billion at the start of the month to $18.7 billion at the end of the month, bringing his year-to-date wealth loss to $420 million.
According to Dangote Group’s most recent financial results, its profit fell by more than 10 per cent in the first half of 2022, from N191.63 billion ($460.8 million) to N172.1 billion ($413.8 million).