Africa's richest person Aliko Dangote loses quarter of his wealth as naira crashes

- 7/29/2016
The richest black person in the world has lost a quarter of his wealth.
Aliko Dangote Africa's richest person

Africa's richest man, Aliko Dangote, has dropped out of the list of top 100 richest people in the world. This is largely due to the devaluation of his home country currency; Naira.

Self made Billionaire Aliko Dangote who owns the second largest sugar-refinery in the world, remains richer than American billionaires, Donald Trump, and Oprah Winfrey who ranks as the second richest black woman in the world.

The Nigerian tycoon is now worth $11.1 billion, while Donald Trump and Oprah Winfrey net worth are estimated at $4.5 billion and $3.1 billion, respectively.

The devaluation of the Nigerian Naira against the dollar from about 198 to about 300, has eroded about a quarter of Dangote’s wealth as he continues to make heavy investments in Nigeria.

At the launch of the new foreign exchange regime on June 23rd, Dangote fell from number 46 on the world billionaire list to 71 and has continued to drop as the Naira continues to crash.

The Nigerian economy has been mostly unstable for the last one year.

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