Nigerian Billionaire Aliko Dangote Loses $10 Billion Of Net Worth In 2015, Recovers $900 Million
March 3rd, 2015 – Nigerian Billionaire Aliko Dangote Loses $10 Billion Of Net Worth In 2015, Recovers $900 Million
The founder of Dangote Group of Company, Hausa Billionaire Alhaji Aliko Dangote has suffered a big blow in the first two months of year 2015.
The Kano born business mogul who lost $10 billion from his $25 Billion net worth last week has recovered a fraction of the loss within a week.
The good news came from the Nigerian Stock Exchange as market capitalisation is fast inching near N10 trillion from its low of N9.1 trillion a few weeks back.
Making an appearance at number 23 on the Forbes list on November 5, 2014, with $25 billion, our joy was short-lived as Dangote’s fortunes nose-dived, and settled at $14.9 billion on Monday, February 16, 2015. His ranking on the list dropped to number 63.
The money ritual has backfired. He needs fresh blood and a whole human after that he’ll get back up. I don’t envy these rich fellows they are all ritualists
How come ? How did it happen ?why did it happen ?who made it happen ?what made it happen ? What was he doing ? Is he tired ? How did he loose upto $10billion dollar in two months ?
He did not lose anything, what happened is called devaluation it is caused by foreign exchange and volatile commodities prices.it is a common disturbance among conglomerates such as coca cola, nestle, Unilever and so on. You lose money on investment when amount invested is less than the selling price. And right now the man has not sold anything, so it is mere artificial devaluation via bad currency ( Naira).