Dangote Loses $12.2bn in 6-months

Dangote Losses $12.2bn, Sees Challenge as Wake-up Call, Gain 1.47 %

After MARKETING EDGE report of January 26 reporting Dangote Cement, a member of Dangote Group, early year loss accumulating -N682.5bn, the cement brand capitalization has continued its down turn with year-to-date return -16 per cent to -19.39 per cent.

As of last week Thursday, Dangote Cement Plc had lost an additional N187bn in market capitalisation, bringing its year-to-date losses to -N937bn.

Surprisingly last Sunday, the erstwhile richest individual in Africa, president of Dangote group and Chairman of Dangote Cement Plc, Aliko Dangote, advised Nigerians to see the current economic challenges faced by the country as a wakeup call for all to re dedicate themselves to the task of building the nation through productive activities.

Speaking to a delegation of cement distributors from across the country who paid him a visit in his office in Lagos that Nigeria remains the destination of choice for investments despite the nation’s economic and security challenges, “I have always said Nigeria is a good place to invest. God has given us in Nigeria what many other countries don’t have and keep searching for. We have got fertile land for agriculture, we have the minerals resources and we have oil. All we need to do is to harness them for our good.

“The present challenges we are facing should not deter us from growing our economy. It shouldn’t stop us from investing. It is just a passing phase. Other countries referred to as developed started from somewhere and all experienced some of these challenges in the past. So, I want us to see these challenges as obstacles towards attaining greatness,” he stressed.

Although recent development, based on the Bloomberg ranking has meant more losses for the billionaire, whose conglomerate has continued to be battered as a result of macroeconomic challenges.

This indicates that the billionaire, who was estimated by Forbes Magazine to be worth $25bn in February last year, has now lost $12.2bn to the economic headwinds.

On December 23, 2014, Forbes had reported that Dangote had lost more than more than $7.8bn of his estimated $25bn fortune between February and December.

The company recorded a N2.09 or 1.47 percent at the time of this report, 24 hours after consolation of himself and distributors.