Bloomberg reports that Africa's richest man, Aliko Dangote has lost a total of N343,125,000,000 ($900m) within 24 hours.
This comes after his company was rated the biggest loser at the end of trading on the Nigeria Stock Exchange.
Despite the huge loss, the president of the Dangote Group maintained his spot amongst the 500 billionaires across the world.
He is now number 114 on the list of the wealthiest people in the world.
According to Legit, Dangote was in 106th place before the loss.
He is now the only Nigerian on the list reported by Bloomberg.
Dangote made some further fortunes towards the end of 2020 with his wealth jumping from $15.5 billion on December 13 to $17.8 billion, according to Legit.ng.
He further gained $600 million within the first week of the new year.