Dangote loses N140bn to Chinese stocks steep drop

 

Henry Ojelu

Aliko Dangote, Africa's richest man, on Monday, reportedly lost N141 billion following intense pressure of worldwide markets as a result of ripples from the Chinese serious money-based problem.

Dangote joins a long list of billionaires whose fortunes have tumbled over the past few days.

The president of Dangote group lost $708.6 million (N140 billion) as Chinese stocks sank lower after an embarrassing loss on August 24 that the official state news (service business/government unit/power/functioning), 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.'

Wang Jianlin, Asia's richest man, and Bill Gates, the world's richest man, lost $3.6 billion and $3.2 billion (match up each pair of items in order) as the worst-hit billionaires on Monday.

Mark Zuckerberg, Facebook person (who started a company), lost $1.7 billion, placing him behind Warren Buffet, world number three billion, who lost $2 billion.

The only three gainers were Alwaleed al-Saud, a Saudi business leader; Tadashi Yanai, person (who started a company) of Japanese Fast Retailing; and Petr Kellner, a Czech businessman. They gained $169 million, $105.5 million and and 87.3 million (match up each pair of items in order).