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Dangote loses N140bn to Chinese stocks plunge

Fola Akintomide

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