Aliko Dangote lost N141 billion on ‘Black Monday’

While other world billionaires lost tons of money last week, Aliko Dangote gained $79.2m (N15.6bn) from Thursday to Friday.

But his turn was yet to come, and the hit was harder than expected.

According to Bloomberg’s Billionaires Index, Dangote lost N141 billion on ‘Black Monday’.

The loss of huge fortune by Africa’s richest man was as a result of the pressure on global markets, due to the Chinese economic crisis.

After Chinese stocks further nosedived on Monday, Dangote was reported to have lost $708.6 million (140 billion).

197 billionaires, including Dangote, lost billions of dollars in 24 hours, with only three of the world’s top 200 billionaires making a gain on Black Monday.

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