Aliko Dangote Loses 800 Million Amid Fresh Naira Weakness

Aliko Dangote's net worth fell from 23.9 billion to 23.1 billion in 18 days, mainly due to the weakening Nigerian naira.

A nearly 7 naira drop slashed the dollar value of Dangotes cement, oil, sugar, and fertilizer assets.

Dangote will earn 293.2million in dividends from Dangote Cement after a strong 2024 financial performance.

Aliko Dangote, Africas richest person, has seen his fortune take a sharp hit in recent weeks, with his net worth dropping by 800 million in just 18 days. This decline is largely due to the weakening naira, which has affected the value of his core business holdings.

According to Forbes , the U.S.-based magazine that tracks the worlds richest individuals, Dangotes fortune fell from 23.9 billion on Mar. 29 to 23.1 billion. This setback comes despite the global attention his 20 billion Dangote Oil Refinery continues to generate as one of Africas most ambitious energy projects.

The recent dip in his wealth is closely tied to the nairas near 7 percent slide against the U.S. dollar since early March. As the local currency weakens, so does the dollar value of his holdings across cement, sugar, salt, oil, and fertilizer, along with the sprawling refinery complex.

The nairas troubles are being fueled by surging demand for dollars amid a tight foreign exchange market. Broader economic uncertainty, including lower oil revenues and global trade concerns, has only added pressure. That said, theres been a bit of relief in recent days. Analysts say easing trade tensions between the U.S. and China have helped steady global markets and given the naira a slight lift.

Still, despite the dip, Dangote remains firmly in place as both Africas wealthiest individual and the richest Black person in the world. He currently ranks No. 84 on the Forbes billionaires list, which now requires a net worth of at least 19.1 billion to crack the top 100 .