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Nigeria Billionaires, Dangote, Rabiu, Adenuga Lose Over N423bn in Just 24 Hours
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Nigeria Billionaires, Dangote, Rabiu, Adenuga Lose Over N423bn in Just 24 Hours

by  Dave Ibemere 2 min read
  • Nigerian billionaires, Aliko Dangote, Rabiu Abdulsamad and Mike Adenuga have all suffered drop in wealth
  • Collectively, the three richest men in Nigeria saw over N423 billion wiped off their net worth in just 24 hours
  • Since the official devaluation of Nigerian currency, the three billionaires fortunes has plummeted massively

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Nigerian richest men and business magnet, Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga, have collectively suffered a whopping N423 billion ($529 million) drop in wealth in the last 24 hours.

Legit.ng analysis of Forbes billionaire index data showed that Rabiu experienced the heaviest loss among the three billionaires.

Nigerian billionaires, Dangote, Rabiu, Adenuga
Dangote, Rabiu and Adenuga have suffered massive loss since naira devaluation
Source: Facebook

The BUA chairman watched his net worth on Tuesday, July 17, 2023, drop by $335 million (N267.8 billion) to $5.3 billion.

Read also

Naira records massive gain at official market as CBN withdraws operating license of over 2,000 forex dealers

Despite the massive decline, Forbes on Tuesday ranks Rabiu as the 528 richest man in the world and he also retains his position as second richest man in Nigeria.

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Dangote wealth loss

For Aliko Dangote, $185 million(N147.93 billion) was wiped out of his net worth, another setback in its bid to regain his title of Africa richest man.

Forbes reports that as at Tuesday, Dangote has a net worth of $10.1 billion and remains the second richest man in Africa, behind Johann Rupert in Africa who is worth $11.7 billion.

Mike Adenuga

The third richest man in Nigeria, Mike Adenuga suffered the least drop in wealth among the three bilionaires.

His net worth was slashed to $3.6billion after making a loss of $9 million(N7.12 billion) on Tuesday.

Read also

After gaining N71 billion in 7 days, Otedola’s company Geregu disburses N8.8bn for gas turbine overhaul

According to Forbes, Adenuga who built his fortune in telecom and oil production is now 833rd richest man in the world.

Tony Elumelu and wife make almost N1bn in hours from one Investment

Meanwhile, in another report, Tony Elumelu and his wife, Awele Elumelu, continue to demonstrate the importance of marrying a partner who shares the same vision

In just eight hours, the couple made almost N1 billion from their investment in Transnational Corporation of Nigeria (Transcorp)

Elumelu is a banker and serial investor, while Awele is an accomplished healthcare executive who has distinguished herself in her field

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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