Nigerian business mogul, Aliko Dangote has lost $10.3 billion of his fortune in the last one year.
According to the latest Forbes ranking, Dangote is now worth $14.7 billion down from $25 billion last year.
The billionaire, who heads the Dangote Group, incurred the massive loss due to the devaluation of the Naira and a shrinking demand for cement, his largest asset.
Despite the reduction in his fortune however, Dangote still retains the title of Africa’s richest man.
The Nigerian Naira has dropped significantly in value in recent months and is now selling at 200 to the dollar.
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