In Nigeria, many companies have suffered the drop in oil prices, as their operating costs surged significantly. Among these are companies from the Dangote Group. Additionally, the slump in oil revenues pulled the Naira down in June, subsequently reducing the value of Nigerian assets in US dollars.

These two factors combined caused Dangote to lose $4.9 billion, a third of his wealth, according to a recent update of the world’s billionaire index published by Bloomberg. From the 46^th position in June 2016, he fell to the 113^th place on December 29, 2016.

Dangote still remains Africa’s richest and no other African is listed in Bloomberg’s top 200 billionaire list.

In 2016, Aliko Dangote announced substantial investments in agriculture, energy, and continued his conquest of the African’s cement market. Forbes recently put him in one of its rankings as the world’s second most influential person behind Barack Obama, US outing President.