Dangote, Other Nigerian Billionaires Lose Big as Nigerian Stock Market Records Consecutive Losses
- The Nigerian stock market recorded its fourth consecutive loss in the week at the end of trading on Thursday
- The market's latest loss was led by Livestock Feed, Custodian Investment, UACN Property Development Plc and Chams
- Fidelity Bank, Veritas Kapital, Nigerian Breweries, Zenith Bank, and Access Holdings were the most actively traded stocks
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s equities market continued its losses on Thursday, March 20 as the benchmark performance index declined slightly by 0.05%.
The latest performance extended the negative streak to four consecutive sessions.
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The prolonged downturn further eroded the market’s year-to-date (YtD) return, which stood at +1.88% by the close of trading.
This week, the market has lost 1.03%, while the monthly decline now stands at 2.75%.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell from 104,915.13 points to 104,858.77 points.
While the equities market capitalisation dropped from N65.789 trillion to N65.754 trillion. Indicating a loss of N35 billion.
Fidelity Bank, Veritas Kapital, Nigerian Breweries, Zenith Bank, and Access Holdings were the most actively traded stocks as investors exchanged 310,527,528 shares worth N6.247 billion in 10,182 deals.
Livestock Feeds led the decliners, falling from N8.46 to N7.65, shedding 81 kobo or 9.57% of its opening value.
Custodian Investment followed, dropping from N21.50 to N20, a decline of N1.50 or 6.98%. UPDC also declined, shedding 19 kobo or 6.23% to close at N2.86 from N3.05, while Chams lost 11 kobo or 5.16%, dropping from N2.13 to N2.02.
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Nigerian billionaires recorded losses
The performance of the Nigerian stock market affected the net worth of Nigerian billionaires.
Aliko Dangote, Nigeria’s richest man suffered a net worth drop of $483 million to end the day at $23.3 billion according to Forbes real-time billionaire rankings.
Mike Adenuga, the founder of Globacom and an oil magnate, ranks second among Nigeria’s richest and also suffered a loss of $20 million, decreasing his net worth to $6.8 billion.
Abdulsamad Rabiu, chairman of BUA Group, recorded a significant drop in wealth, losing $406 million bringing his total net worth to $4.5 billion.
His businesses span cement, sugar, and other industries.
Femi Otedola, chairman of Geregu Power and First Bank wealth shrunk by $153 million to $1.3 billion.
Naira trades at new rates as forex outflows rise
Earlier, Legit.ng reported that the global tariff war between the US, Canada, Mexico, the EU and China has affected the Nigerian naira.
The tariff war led to the naira depreciating in the foreign exchange market as investors pulled their investments from the NGX.
Data from the Central Bank of Nigeria shows that forex outflows grew by 78% in January this year, leading to an N45.45 billion outflow in dollar terms.
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Source: Legit.ng
