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.’
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.’
Source: PM News