Aliko Dangote Loses Whooping $1.4bn Networth In Three Months

Nigeria’s Aliko Dangote’s networth dwindled in the first quarter of this year after his fortune dropped to $16.4 billion. The decline occurred when the founder invested heavily in the oil industry and fertilizers business.

Aliko Dangote’s networth dwindled in the first quarter of this year after his fortune dropped to $16.4 billion.

The decline occurred when the founder invested heavily in the oil industry and fertilizers business.

Dangote‘s wealth lost $1.4 billion between January and March 2021, this is according to the Bloomberg Billionaire Index. The founder of Dangote Group had started this year with $17.8 billion.

But the networth started declining, causing a 7.9 percent reduction in his fortune. Despite this drop, the billionaire still remains the richest man in Africa and the wealthiest black man in the world.

As of Wednesday, March 31, 2021, Dangote’s wealth was placed at $16.4 billion.

While this might not significantly threaten his position in Africa, on the world stage, there are billionaires breathing down his neck and aiming for his position.

Dangote Oil Refinery, is a company owned by the Nigeria-based Dangote Group, is developing the project with an estimated investment of $12bn.

Dangote refinery is a 650,000 barrels per day (bpd) integrated refinery and petrochemical project under construction in the Lekki Free Zone near Lagos, Nigeria. It is expected to be the Africa’s biggest oil refinery and the world’s biggest single-train facility, upon completion in 2020.