Global market conditions have cost Africa's richest man, Aliko Dangote a significant portion of his wealth.
Aliko Dangote
Bloomberg’s ranking of the world’s richest people, on Monday, August 24, revealed that Africa's richest man, Aliko Dangote, lost N141billion just in a 24-hour period.
The Cable reports that the famous businessman tycoon lost $708.6 million (140 billion) following intense pressure of global markets as a result of ripples from the Chinese economic crisis.
According to the Bloomberg, only 3 out of top 200 billionaires received gain on “Black Monday”.
On December 23, 2014, Dangote lost more than $7.8bn of his estimated $25bn fortune between February and December due to the slump in oil prices.