(Ecofin Agency) - US magazine Forbes, in its 2017 edition of World’s Billionaires list published on Monday, revealed that the net worth of Aliko Dangote (photo), President of Dangote Group, dropped by $3.2 billion, last year.

Although his net worth declined, Dangote still retained his position as Africa’s richest person in the latest ranking, with a fortune of $12.2 bn. He was ranked 105th as against 51st last year.

Dangote founded and chairs Dangote Cement, the continent's largest cement producer. Dangote Cement produces 44 million metric tons annually and plans to increase its output by 33% by 2020. The company exported 0.4 Mt of cement from Nigeria to neighboring countries in 2016, thus making the nation a net exporter of cement. In spite of the economic challenges in the country, the company’s Pan-African cement plants continue to perform efficiently, contributing significantly to its turnover and profitability.

Dangote Cement, which accounts for a third of total market capitalization, fell by 7.03% to N149.15 per share, earlier this month. Dangote also owns stakes in publicly-traded salt, sugar and flour manufacturing companies.

The list, which used stock prices and exchange rates from around the world to calculate their net worth, also showed that the net worth of Mike Adenuga, Chairman of Globacom, declined by $4.2 bn, last year, while Femi Otedola, the Chairman of Forte Oil and the Chairman/Chief Executive Officer, BUA Group, Abdulsamad Rabiu, were omitted from the list. Their net worth was $1.8 bn and $1.1 bn, respectively last year.

Anita Fatunji