Report: How Aliko Dangote Lost $200 Million In December

According to information gathered from the Bloomberg Billionaires Index, Aliko Dangote, the richest man in Africa, has seen his net worth decrease by $200 million so far in December.

In addition to being the richest Black person in the world, Dangote also has an 86 percent share in Dangote Cement, which is currently valued at $8.49 billion.

His closely owned fertilizer plant, which has the ability to produce up to 2.8 million metric tonnes of urea annually, is responsible for an additional $5.15 billion of his wealth.

The majority of Dangote’s wealth is derived from his ownership of the Dangote Group, a conglomerate with holdings in a number of industries, including cement, sugar, flour, and salt.

The main source of Dangote’s fortune and a significant player in the African commercial environment is the Dangote Group.

The recent drop in the value of Dangote’s flagship business, Dangote Cement, the biggest cement producer in Africa, can be ascribed to this.

Following shareholder permission for the cement maker to repurchase up to 10% of its outstanding shares for N406 billion ($917 million), the company’s shares have fallen.

At the company’s Extraordinary General Meeting in Lagos, the shareholders who took part in the voting gave their unequivocal support, with many of them complimenting the procedure and considering it as advantageous to all parties concerned.

Meanwhile, Dangote recently pledged more than $700 million to expand the operations of his sugar company, thus the Dangote Sugar Refinery.

One of its units, DSR Numan, will have a refining capacity of 6,000, 9,800, and 15,000 tonnes of cane per day (tcd).

As he continues to strategically invest in his sugar industry in compliance with the requirements of the Nigeria Sugar Master Plan, the leading billionaire said that the investment will generate at least 300,000 employment in Nigeria.

Conclusion

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