Dangote drops in global wealth ranking index

Dangote drops in global wealth ranking index

Nigerians have had to come to terms with with the harsh economic realities bedeviling us.

True to the Federal Government, Buhari’s administration is cash trapped for reasons beyond his control.

No thanks to militancy in Niger Delta, corruption in public sector and brazen loot of our common patrimony.

The naira has suffered a hit too; falling to N300 at the interbank market and N370 in black markets.

The result of these centrifugal forces is a massive erosion of the nation’s wealth and that of ordinary Nigerians.

The rich are also suffering the brunt. For instance, Aliko Dangote fell off the list of 100 most richest persons on earth.

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According to Forbes list of richest persons, he ranked 51th most richest person by March 2016.

When the ranking was reviewed this month, Aliko had dropped to the 101th position.

Inspite of the drop, Dangote is still the richest black person on earth day.

Irrespective of the decline, Aliko Dangote is still richer than American billionaire and Republican party presidential candidate, Donald Trump.

Dangote is also richer than America’s TV personality and second richest black woman, Oprah Winfrey.

Dangote is worth $11.1 billion, while Donald Trump and Oprah Winfrey are estimated about $4.5 billion and $3.1 billion respectively.

Dangote is a man committed to investing heavily in Africa and most especially Nigeria.

But the crashing of naira against the dollar from 198 to loosely over 300 shaved off a portion of his wealth.

However, Dangote Cement, one of Dangote’s major investment in Nigeria still ranks the biggest company on the Nigerian Stock Exchange by market capitalization.

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Bloomberg reports that Dangote’s net-worth was $15.4 billion in March. It dropped to is now worth $11.1 billion dollars.

Aliko’s fortune started declining from June 23, 2016, after the new foreign exchange regime was launched.

He fell from 46th richest man in the world to the 71st richest man, and presently now 101 in the world.

However, if present permutations are anything to go by, Dangote’s refinery, the biggest greenfield refinery in the world, may propel him to the top 20th richest people by 2019.