Dangote’s Worth Drops By 32%

Dangote's Worth Drops By 32%Nigerian born Africa’s richest man, Mr Aliko Dangote, has lost 32% of his wealth.

Bloomberg reports that the president of the Dangote Group, lost 4.9 billion dollars in June, representing one-third of his wealth.

The decline resulted from the effect of falling oil prices and the devaluation of the naira, dragging the magnate’s ranking to 112 on world’s billionaires’ list.

With a total value of 10.4 billion dollars, Mr Dangote was the world’s 46th-richest person as at June 2016.

Aliko Dangote was also recently named as the second most powerful person on the African continent.

In the latest edition of its 74 world most powerful people, Forbes Magazine named billionaire Dangote along with 70 others including Russian President, Vladimir Putin; US President-Elect, Donald Trump; and German Chancellor, Angela Merkel.

Mr Dangote is listed as number 71 ahead of Trump, and the 68th most powerful in the world for this year.

The business mogul has constantly featured on the list since 2013 when he was listed as the only black African among 100 most powerful persons on the planet.

As of 2013, Dangote was the only African listed among the most powerful people in the world before the Egyptian president, Abdel El-Sisi recently featured on the list.

Aliko Dangote Among Forbes World’s Most Powerful

Dangote Among Forbes World’s Most PowerfulAfrica’s richest man and Nigerian-born head of the Dangote Group, Aliko Dangote, has been named as the second most powerful person on the continent.

In the latest edition of its 74 world most powerful people, Forbes Magazine named billionaire Dangote along with 70 others including Russian President, Vladimir Putin; US President-Elect, Donald Trump; and German Chancellor, Angela Merkel.

Mr Dangote is listed as number 71 ahead of Trump, and the 68th most powerful in the world for this year.

The business mogul has constantly featured on the list since 2013 when he was listed as the only black African among 100 most powerful persons on the planet.

As of 2013, Dangote was the only African listed among the most powerful people in the world before the Egyptian president, Abdel El-Sisi recently featured on the list.

 

Bill Gates Named Richest Man Again

bill gatesThe Microsoft founder, Bill Gates, has been declared the richest man in the world for the 16th time by Forbes Magazine’s annual ranking of global billionaires.

Bill Gates again beat Mexican businessman, Carlos Slim to the top spot.

Mr Gates’ net worth rose by over $3bn (£1.94bn) from $76 billion to $79.2 billion putting the Microsoft Corp co-founder at the top for the 16th year in the last 21, Forbes said on Monday.

Mexico Telecommunications mogul, Carlos Slim Helu ranked second, worth $77.1 billion, while Berkshire Hathaway Inc. Chief Warren Buffett was third, at $72.7 billion.

Legendary US investor, Warren Buffett, regained third place in the list with a net worth of $72.7bn, from Amancio Ortega, the founder of Spanish fashion chain, Zara.

Amancio Ortega, the Spanish founder of Inditex SA, which includes clothing retailer Zara, was fourth at $64.5 billion, while Oracle Corp Chairman, Larry Ellison, was fifth at $54.3 billion.

There are a record 1,826 billionaires in the world, Forbes said, an increase of 181 in the past 12 months.

Dangote Now Richer Than Russia’s Richest Man

The President, Chief Executive of the Dangote Group, Aliko Dangote, has become the first African entrepreneur to lay claim to a $20 billion fortune, thus becoming one of the 25 richest men in the world.

Dangote Cement becomes the first Nigerian company to achieve a market capitalisation of over $20 billion. Dangote’s 93 percent stake in the cement company is now worth $19.5 billion, according to Forbes magazine.

Added to this are his controlling stakes in other publicly-listed companies like Dangote Sugar and National Salt Company of Nigeria, and his significant shareholdings in other blue-chip companies like Zenith Bank Plc, UBA Group and Dangote Flour; his extensive real estate portfolio, jets, yachts and current cash position, which includes more than $300 million in recently-awarded Dangote Cement.

Forbes reported that the Nigerian billionaire was now richer than Russia’s richest man, Alisher Usmanov; India’s Lakshmi Mittal; and running neck and neck with India’s Mukesh Ambani.

According to the magazine, he is catching up to such Americans as Google’s billionaire founders, Larry Page and Sergey Brin.

It will be recalled that Dangote Cement had recorded an unprecedented surge in its share price largely due to market response to the company’s impressive results in the first quarter of this year.

Forbes in its report reasoned that other companies might eventually achieve this, but it was going to take a bit of time.

Dangote Cement currently accounts for more than a quarter of the total market capitalisation of the Nigerian Stock Exchange (NSE). The second largest company on the NSE is currently Nigerian Breweries Plc, West Africa’s largest manufacturer of alcoholic and non-alcoholic beverages, which has a market capitalisation of $8.5 billion.

Dangote made a debut on the Forbes billionaires list in 2008 with a fortune pegged at $3.3 billion. His fortune dropped to $2.5 billion in 2009 and plunged further to $2.1 billion in 2010.

His fortune surged 557 percent in 2011 to $13.8 billion after he took Dangote Cement public. Dangote dropped to $11.2 billion in last year’s rankings, but rebounded at $16.1 billion this year. Since March, his fortune has jumped another 30 percent.

Dangote started building his fortune over three decades ago after taking a loan from Sanusi Dantata and started trading in commodities like flour, sugar and cement.