Aliko Dangote's net worth depreciates by 35%

Richest man in Africa and Chairman, Dangote Group, Alhaji Aliko Dangote has lost $5.4 billion in its fortune since this year, according to data compiled by Bloomberg Billionaires Index.

Using an average exchange rate of N250 to a dollar, Dangote’s $5.4 billion loss translates to about N1.35 trillion.

The Bloomberg Billionaires Index 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.

The report put Dangote’s net worth at $9.9 billion, a 35 per cent drop since January 2016.

However, the report stated that Africa’s second-wealthiest person, South African Christo Wiese, trails Dangote by $2.8 billion with his fortune climbing 12 per cent this year on the index.

Nigerian inflation accelerated to the highest rate in almost 11 years in July, complicating the task of the central bank in an economy which is at risk of contracting this year.