Abuja - Africa’s richest man, Aliko Dangote reportedly lost N141 billion following intense pressure of global markets as a result of ripples from the Chinese economic crisis, PM news reports.
The president of Dangote group lost $708.6 million (N140 billion) as Chinese stocks sank lower after a rout on August 24 that the official state news agency, Xinhua, dubbed ‘Black Monday.’
Also read: Dangote drops to 67th on billionaires list
According to Bloomberg’s Billionaires Index, Dangote gained $79.2m (N15.6bn) from Thursday to Friday last week, only to lose the same amount about nine times over.
The 58-year-old was just one of 197 billionaires who lost billions of dollars in 24 hours, with only three of the world’s top 200 billionaires making gain on ‘Black Monday.’
Read more at PM news
- News 24