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Economic crisis: ‎Dangote’s net worth drops by $5.4bn over Nigeria’s economic woes

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Richest man in Africa and Chairman, Dangote Group, Alhaji Aliko Dangote has lost $5.4 billlion in his fortune since this year, according to data obtained, yesterday, from Bloomberg Billionaires Index..‎

Using an average exchange rate of N400 to a dollar, Dangote’s $5.4 billion loss translates to about N2.16 trillion.

The Bloomberg Billionaires Index blamed the sharp drop in dangote’s networth on the slump in commodities prices and the devaluation of the naira in June by the Central Bank of Nigeria, CBN.

Since President Buhari took over Alhaji Aliko Dangote has been climbing down the ladder. Economy analyst forcast that if the trend of economic downturn in Nigeria continues Dangote won’t be African richest man by second quarter of 2017. ‎

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