Aliko Dangote falls out of top 100 billionaires as wealth slips below $17 billion - Report

Africa's richest man, Aliko Dangote, has seen a significant decrease in his net worth, leading to his exit from the prestigious world's top 100 billionaires list, as reported by the Bloomberg Billionaires Index.

As of September 1, 2023, Dangote's net worth was $17.8 billion, but it has recently dropped to $16.7 billion, marking a shocking decline of $1.1 billion in just one month. This decline has resulted in a year-to-date loss of $1.99 billion.

The reduction in Dangote's net worth can be attributed to the decrease in the market value of his holdings in Dangote Cement and Dangote Sugar Refinery.

Notably, his sugar business, Dangote Sugar, is in the process of merging with NASCON Allied Industries and Dangote Rice Limited, with the merger expected to conclude by the end of 2023.

The merger is set to create a food conglomerate by combining Dangote Sugar, NASCON (a salt-processing company), and Dangote Rice. This conglomerate will offer a wide range of products, including sugar, rice, salt, vegetable oil, tomato paste, seasonings, and other edible products.

This merger also holds the potential to substantially boost Dangote's net worth. His stakes in Dangote Cement, Dangote Sugar, and NASCON are presently valued at $6.95 billion, $615 million, and $111 million, respectively, contributing to his current fortune of $16.7 billion, according to Bloomberg's data.

While Aliko Dangote may have temporarily dropped out of the top 100 billionaires globally, the merger and the anticipated growth of the United Food Conglomerate could pave the way for a resurgence in his wealth and a return to the ranks of the world's wealthiest individuals.

This development highlights the ever-changing nature of global wealth rankings and the impact of market dynamics on the fortunes of even the most prominent billionaires.

Meanwhile, business analysts and investors worldwide continue to closely monitor Aliko Dangote's financial journey.

ID/MA

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