Aliko Dangote Has Lost Almost Half(35%) Of His Fortune

 Aliko Dangote Lost 35% Of His Wealth This Year Alone, Amounting $5.4 Billion.
According to International business site
Bloomberg, Africa’s richest man, Aliko
Dangote, has lost more than a third of his wealth this year alone.

According to the article, Dangote has lost 35% of his wealth which sums up to $5.4 billion.
The losses are attributed to commodities slump and the devaluation of the Naira in June.
Dangote’s net worth is $9.9 billion, a 62% drop since January 2014, according to the Bloomberg Billionaires Index.

Africa’s richest man and Chairman of Dangote Group, Aliko Dangote, has lost $5.4 billion which is 35% of
his fortune this year,
Bloomberg reports.
According to the report, the
loss was due to the massive
fall of the Nigerian currency
as the Central Bank of Nigeria
rations the dollar, to stem
huge capital outflow in the
wake of Nigeria’s worst
economic crisis.
The Index report also 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).

Dangote’s net worth is now
put at 9.9 billion dollars, a 62
percent drop since January
2014. Using an average
exchange rate of N250 to a
dollar, Dangote’s 5.4 billion
dollars loss translates to
about N1.35 trillion.
With his huge loss, the
continent’s second-wealthiest
person, South African Christo
Wiese, trails Aliko Dangote by
$2.8 billion with his fortune
climbing 12 percent this year
on the index.
The fortune of Africa's rich
person has slumped by $5.billion in 2016

The Nigeria Bureau
of Statistics, has recently
reveals that the country is
going through her worst
economic recession in almost
three decades.
According to the NBS, the
country’s Gross Domestic
Product (GDP) contracted by
2.06% to record its lowest
growth rate in three decades.
This mean the GDP shrunk by
0.36%.
In the Second Quarter of
2016, the nation’s Gross
Domestic Product (GDP)
declined by -2.06% (year-
onyear) in real terms,” the
NBS revealed.
This was lower by 1.70%
points from the growth rate of
–0.36% recorded in the
preceding quarter, and also
lower by 4.41% points from
the growth rate of 2.35%
recorded in the corresponding
quarter of 2015.
Cement Price Rises From N1,600 To N2,300 Per Bag & according to a World Bank data, the last time
Nigeria had this magnitude of
economic recession was
under the regime of Ibrahim
Babangida, when the economy recorded consecutive decline of 0.51
percent and 0.82 percent in
first and second quarters of
1987.