Dangote Loses KSh 339b as US Dollar Pushes Local Currency to World’s Worst-Performing Rates
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Africa's richest man, Aliko Dangote, has seen his net worth drop by KSh 339.4 billion due to the depreciation of the Nigerian naira. Dangote, who was worth KSh 2.3 trillion in April 2024, now has an estimated net worth of KSh 1.9 trillion. The decline in Dangote's wealth is attributed to the poor performance of the naira against the US dollar. The recent loss of the naira has reversed Dangote's yearly gains in months. The decline is due to the impact of the naira's fall on his stake in Dangote Cement and his holdings in Dangote Sugar, NASCON Allied Industries, and the United Bank for Africa (UBA). Dangote's most prized privately held asset, Dangote Fertilizer, remains steady at $5.15 billion. Dangote Cement, valued at $6.7 billion, is his second most significant asset. The decline in Dangote's wealth is also attributed to the impact of the election year on his business due to policy changes. The financial year 2023 results of Dangote Industries Limited show a group turnover of KSh 43.3 billion, 9.5% higher than the same period in 2022.

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https://www.legit.ng/business-economy/money/1592007-dangote-loses-26-billion-naira-emerges-worlds-worst-performing-currency/