Dollar Drop: Dangote's Fortunes drops from 25B to 14B USD

NIGERIA’S billionaire, Alhaji Aliko Dangote, has retained the title of Africa’s richest man in the Forbes magazine’s annual ranking of global billionaires.

However, despite his emergence as Africa’s richest man, Forbes said “this year’s biggest loser in dollar terms is Aliko Dangote of Nigeria, whose fortune dropped to $14.7 billion from $25 billion last year.”

The drop in Dangote’s fortune, according to Forbes, was “propelled downward by a weaker Nigerian currency and shrinking demand for cement, his largest asset.”

In Forbes’ latest ranking, also a country mostly affected by downward economy was Russia, which now has 88 billionaires down from 111, less than not just the United States and China, but now also Germany and India. - Tribune