Aliko Dangote

Cement tycoon fell 25 places on the Bloomberg Billionaires Index as the naira fell on its first day of trading without a peg to the US dollar

 NIGERIAN billionaire Aliko Dangote, Africa’s richest person, fell 25 places on the Bloomberg Billionaires Index on Monday as the naira tumbled on its first day of trading without a peg to the U.S. dollar.

Dangote’s fortune fell $3.7 billion, knocking him to No. 71 on the Bloomberg ranking, down from No. 46 on Friday. The majority of Dangote’s $12.7 billion fortune is derived from a 91% stake in Dangote Cement Plc, which shed 2% in trading Monday.

The Central Bank of Nigeria began auctioning dollars to limit the currency’s decline. The bank had been using capital controls to stem an outflow of dollars after the naira crashed in February 2015 when oil prices slumped.

Dangote’s slide came as equity markets worldwide surged on hopes that British voters would choose to remain in the European Union. The upswing lifted the collective net worth of the 400 billionaires on the index by $44 billion to $3.99 trillion.

Amancio Ortega, Europe’s richest person, French luxury billionaire Bernard Arnault and Amazon.com founder Jeff Bezos led with respective daily gains of $2 billion, $1.4 billion and $1.1 billion.

After Dangote, the second-biggest drop belonged to U.S. casino billionaire Sheldon Adelson, whose Las Vegas Sands fell 5.6% along with other gambling stocks after reports that revenue was trending downward. Adelson, who lost $1.1 billion Monday, is the world’s 29th-richest person with $23.3 billion.

mgafrica.com

SHARE
Previous articleLady who says Donald Trump raped her in 1994 wants justice
Next articleHungry? Try any of Africa’s soups, stews & balls
Michael Eli Dokosi is a journalist and a formidable writer with a decade's experience. He is a blogger as well who currently owns and manages the news portal www.blakkpepper.com. The site is a wholesome news platform with entertainment, political, general, sports, negroid and foreign news offerings with the tagline 'More than Straight News' because of its alternate take on issues. The blakkpepper name emerged because the site is Afrocentric and hot. The Managing Editor can be reached via cell line (+233) 0249907425 & (+233) 0262907425 and via email blakkpeppergh@gmail.com for adverts, enquiries and news coverage invites.