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Africa’s richest man Aliko Dangote loses $400 million

Aliko Dangote, the richest man in Africa, had a large decline in net worth in September as a result of a widespread share sell-off on the Nigerian Exchange. The central bank of Nigeria's monetary tightening measures were what sparked the sell-off.

Dangote, who is currently ranked 68th on the list of the world's 500 wealthiest individuals, experienced a $400 million decline in his net worth in September, according to data from the Bloomberg Billionaires Index, which analyses the fortunes of the world's 500 wealthiest people.

Dangote, along with Johann Rupert, Patrice Motsepe, Strive Masiyiwa, and Mohammed Al-Amoudi, is one of the few African billionaires whose net worth has significantly declined since the beginning of the year.

Dangote's net worth fell by $19.1 billion from the beginning of the month to the month's end, bringing his year-to-date wealth loss to $420 million.

A continuous sell-off of stocks on the Nigerian stock exchange, which had an impact on the share price of his cement company, Dangote Cement, as well as the market value of his equity holding in the cement producer, is to blame for the multimillion dollar decline in his net worth since the year started.

The majority of Dangote's net worth, or 86 percent of Dangote Cement, has been negatively impacted by the company's recent share price decrease after the stock price hit an all-time high of N300 ($0.72) per share on May 19.

Investor reactions to the cement manufacturer's half-year financial data, which showed a double-digit decline in profit in the first half of 2022 due to increasing energy prices and unrealized foreign currency losses, are mostly to blame for the company's share price decline.

In the first half of 2022, the group's profit decreased by more than 10%, from N191.63 billion ($460.8 million) to N172.1 billion ($413.8 million), according to the most recent financial reports.

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