Business mogul Aliko Dangote’s fortune falls $3.7 billion


Nigerian business tycoon Aliko Dangote has slipped 25 places on Bloomberg Billionaires’ Index, as the Naira tumbles to record lows.

Dangote’s fortune has reduced by 3-point-7 billion U.S. Dollars. It’s knocked him to 71st place on the ranking, down from 46th spot on Friday. The majority of Dangote’s fortune is derived from a 91 percent stake in Dangote Cement Company — which is currently trading in the red.

After Dangote, the second-biggest drop belonged to US casino billionaire Sheldon Adelson, whose Las Vegas Sands fell 5.6 per cent along with other gambling stocks after reports that revenue was trending downward.  Adelson, who lost $1.1 billion Monday, is the world’s 29th-richest person with $23.3 billion.

The Central Bank of Nigeria has begun auctioning off dollars to limit the currency’s decline. The bank had been using capital controls to stem an outflow of U.S. Dollars after the Naira crashed in February last year due to lower global oil prices.

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