The revered CEO of Dangote Group and Africa’s wealthiest business magnate, finds himself at the epicentre of a financial storm as Nigeria grapples with an unprecedented naira crisis. Dangote’s net worth stands at $10.2 billion according to Forbes, but this figure comes with a heavy price tag. The ongoing naira crisis has caused him to lose a staggering $706 million. At the heart of the financial turbulence is Dangote’s 85% ownership of Dangote Cement, the continent’s largest cement producer. While the shares of Dangote Cement saw a minor uptick of about 1% since the central bank’s decision to float the currency, the devaluation of the naira has far outweighed this slight gain, significantly impacting Dangote’s overall fortune. As the currency turmoil continues to dominate headlines, Aliko Dangote’s financial journey remains under scrutiny, reflecting the broader economic challenges Nigerian businesses face.
SOURCE: BUSINESS INSIDER