Aliko Dangote, founder of Africa’s manufacturing conglomerate, Dangote Group Plc, net worth dropped lower by $840 million to $17.5billion between January 7 and 8 2021. This is according to the report from on Bloomberg’s billionaire tracker. The drop in Dangote’s net worth is due to the fall in the share price of his flagship company, Dangote Cement Plc (DCP), as the market capitalisation of the company lost N339 billion on the Nigerian Stock Exchange (NSE), following the completion of the first tranche of the Cement behemoth’s share buyback programme.
Dangote’s known fortune is derived from his 86 per cent stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries. Shares of Dangote Cement Plc lost N339 billion, following the completion of the first tranche of the Cement share buyback programme. The report from the tracker said that the market capitalisation of the company, in just a week, declined from N4,173,220,263,484.50 at the open of trade on Monday 4th of January to N3,834,114,166,125.00 at the close of trading on the 8th of January 2021. This development comes a week after the company successfully completed the first tranche under the Share Buy-Back Programme, as the company bought back 40,200,000 DCP shares in the open market between 30th and 31st December. The unit bought represents 0.24% of the entire current issued shares of 17,040,507,404 ordinary shares.