Dangote Loses $1.20b In February Alone

Aliko Dangote, founder and Chief Executive Officer of Dangote Group, has seen his net worth decline by $1.20 billion in the month of February alone.

Bloomberg Billionaire Index revealed that Africa’s richest man whose wealth peaked at $18.4 billion earlier this year, fell to $16.6 billion from $17.8 billion recorded on January 31, 2021.

READ ALSO: Dangote Cement To Buy Back Shares - What Shareholders, Investors Need To Know

Source: Bloomberg Billionaire Index

The nosedive of Dangote’s net worth is partly attributed to the decline in the share price of his flagship company, Dangote Cement Plc (DCP), as well as that of Dangote Sugar Refinery Plc.

The decline in the share price of these companies which impacted their market capitalization was occasioned by profit-taking activities by investors in February.

Dangote Cement (DANGCEM) has the authorised share volume of 20,000,000,000, the volume of shares issued is 17,040,507,405, while shares outstanding are 17,040,507,405. As of Tuesday, Dangote Cement shares traded for NGN220. In the highest share price in the last 52 weeks is NGN253.4 while the lowest share price for the same period is NGN116.

The current share price of Dangote Sugar Refinery (DANGSUGAR) is NGN 17.85. The Dangote Sugar Refinery stock closed its last trading day on Tuesday at 17.85 NGN per share on the Nigerian Stock Exchange. DANGSUGAR began the year with a share price of 17.60 NGN and has since gained 1.42 percent.