Aliko Dangote, Africa’s richest man, saw his wealth valuation dip significantly in dollar terms amid the naira devaluation and recent sell-offs in Dangote Cement. The Kano-born billionaire lost $651 million on Friday and is down by $1.3 billion this year.

The NGX data on Friday showed that investors reduced their exposure to Nigeria’s most valuable company despite its impressive performance based on its latest earning results.

Dangote Cement is almost on pace to surpass its turnover for the previous year, having already topped its total revenue for 2022 with N1.8 trillion in the first half of this year.

Data from Dangote Cement’s most recent earnings report indicate that the business benefited from early-year gains in cement prices in Nigeria, which allowed it to sell a ton of clinker at an average price of N127,614, up from N71,766 a year earlier.

However, fuel and electricity alone account for over half of direct expenses, and year-over-year increases of 138.7% were observed. In comparison to N113.3 billion during the same time last year, the corporation experienced a net foreign exchange loss of N201.3 billion