L
LequteMan
Guest
The recent Naira devaluation coupled with coupled with falling stock prices has hit hard at investors in Nigeria. Africa's richest Aliko Dangote according to Forbes is the biggest loser as he has in the past month lost over half of his fortunes to these developments.
The Naira slump, coupled with falling stock prices, has erased more than $7.8 billion of his fortune since February, when FORBES locked in the values for its annual ranking of the World’s Billionaires. Dangote was worth $25 billion at the time; as of market close on Tuesday, he’s worth $17.2 billion. More than half of the drop in his fortune has happened since early November. As of Nov. 7, Dangote was worth $21.6 billion, $4.4 billion more than now.
The last few weeks have been a bit of a disaster for many companies listed on the Nigerian Stock Exchange. Several blue-chip stocks such as Dangote Cement, Zenith Bank, Transcorp and United Bank of Africa among several others have hit one-year-lows as a result of the fall in oil prices, a general uncertainty regarding the 2015 general elections, Central Bank regulatory headwinds, and weak earnings from large cap companies. These have all contributed toward putting naira-denominated assets including equities at risk.
#Nigeria #Dangote #Naira #Forbes
The Naira slump, coupled with falling stock prices, has erased more than $7.8 billion of his fortune since February, when FORBES locked in the values for its annual ranking of the World’s Billionaires. Dangote was worth $25 billion at the time; as of market close on Tuesday, he’s worth $17.2 billion. More than half of the drop in his fortune has happened since early November. As of Nov. 7, Dangote was worth $21.6 billion, $4.4 billion more than now.
The last few weeks have been a bit of a disaster for many companies listed on the Nigerian Stock Exchange. Several blue-chip stocks such as Dangote Cement, Zenith Bank, Transcorp and United Bank of Africa among several others have hit one-year-lows as a result of the fall in oil prices, a general uncertainty regarding the 2015 general elections, Central Bank regulatory headwinds, and weak earnings from large cap companies. These have all contributed toward putting naira-denominated assets including equities at risk.
#Nigeria #Dangote #Naira #Forbes
