Dangote, Adenuga, 2 Other Nigerian Billionaires Suffer Massive Losses in 2024
- Aliko Dangote, Chairman of the Dangote Refinery, experienced the highest loss in wealth among Nigerian billionaires
- Mike Adenug, Globacom Chairman and BUA Chairman, Abdul Samad Rabiu came next with the highest loss in wealth losses
- However, analysts predict that Dangote will experience a resurgence in his wealth following the completion of his $20 billion refinery
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
According to the Forbes Real-Time Billionaire List, the combined wealth of Nigerian billionaires stood at $27.8 billion in the first quarter of 2024.
However, the figure plummeted to $27.3 billion in Q2 of 2024, representing a decline of about 1.8%.
Source: Facebook
Three Nigerian billionaires suffer massive losses
The decline continued into Q3, when their wealth plunged further to $24.9 billion, showing an 8.8% dip over the last quarter.
According to the index, Nigeria’s richest man, Aliko Dangote, experienced the highest decline in wealth, with his fortunes falling by about 17.8%.
Globacoom Chairman Mike Adenuga experienced a slight decline in fortune at about 1.5%.
BUA Chairman Abdul Samad Rabiu also saw his fortune shrink by 16.1%.
Geregu Power Chairman Femi Otedola is the only Nigerian billionaire with a steady rise in fortune. His net worth stood at $1.5 billion during the review period.
Dangote’s wealth to rebound soon
In June this year, the Chairman of the Dangote Group, Aliko Dangote, lost his position as Africa’s wealthiest man to South Africa’s Johann Rupert.
Dangote’s wealth plunge coincided with the Central Bank of Nigeria's (CBN) decision to float the naira.
Experts have predicted a rebound in Dangote’s wealth as his 650,000 bpd-capacity refinery ramps up petroleum product production.
They say the move may raise the refinery’s enterprise value to around $42.6 billion.
BusinessDay reports that the refinery’s dominant position in Nigeria’s petroleum industry and the planned export of the products will boost Dangote’s wealth and place him among the 30 wealthiest persons globally.
The decline in Dangote’s wealth coincided with the Central Bank of Nigeria’s (CBN) decision to float the naira on June 14, moving away from the fixed exchange rate with the U.S. dollar.
Dangote makes over N147bn in 24 hours
Legit.ng earlier reported that Africa's richest man, Aliko Dangote, climbed higher on the world's billionaire list after earning over $89 million or N14.67 billion on Wednesday, September 25, 2024.
According to the Bloomberg Billionaires Index, Dangote's wealth now stands at $13.3 billion, making him the 170th richest person in the world.
This new position marks a six-place improvement from his previous ranking of 176th.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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