Aliko Dangote Loses About $7.8 Billion As Naira, Stocks, Plunge

Following the devaluation of the Naira, coupled with a plunge in world oil prices and dwindling dollar reserves, Africa’s richest man, Aliko Dangote has lost more $7.8 billion of his fortune. 

As at February this year when Forbes locked in the values for its annual ranking of the world billionaires, Dangote was worth $25 billion. But as market closes today December 23, his net worth has dropped to $17.2 billion.

According to Forbes, more than half of the drop in his fortune happened early November. As of Nov. 7, Dangote was worth $21.6 billion, $4.4 billion more than now.