Pursuits

Africa’s Richest Person Drops $3.7 Billion on Plunging Naira

The world’s 400 richest people add $44 billion as markets rise
Europe’s richest person jumps most with $2 billion gain

Aliko Dangote.
Photographer: Jason Alden/Bloomberg

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By Robert Lafranco

June 20, 2016 at 9:59 PM UTC

This article is for subscribers only.

Nigerian billionaire Aliko Dangote, Africa’s richest person, fell 25 places on the Bloomberg Billionaires Index on Monday as the naira tumbled on its first day of trading without a peg to the U.S. dollar.

Dangote’s fortune fell $3.7 billion, knocking him to No. 71 on the Bloomberg ranking, down from No. 46 on Friday. The majority of Dangote’s $12.7 billion fortune is derived from a 91 percent stake in Dangote Cement Plc, which shed 2 percent in trading Monday.