Dangote Sees Biggest Loss in Years as $5 Billion is Cut From His Net Worth, Rabiu Loses $2.73 Billion
- 2Nigerian billionaires' plunged the biggest since Nigeria devalued the naira
- Africa's richest man, Aliko Dangote, witnessed the most significant drop in years, with his fortune slashed by $5 billion
- Abdul Samad Rabiu of BUA group lost $2.73 billion due to the naira devaluation
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From ranking 72nd richest man just two weeks ago and having a net worth of $20.8 billion, Nigeria and Africa's richest man, Aliko Dangote, has dropped to the 99th richest man in the world.
His net worth has also been slashed by two-thirds, standing at $16.8 billion in two days as Nigeria devalued its currency.
Source: Getty Images
Dangote experiences most significant loss in years
According to data from Bloomberg Billionaire Index, Dangote experienced a considerable loss, thanks to Nigeria's currency float policy which wiped off nearly half of the Nigerian billionaire's wealth.
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Per the real-time data on Bloomberg Billionaire Index on Friday, June 16, 2023, Dangote dropped 27 places, his most significant drop in years, and his wealth slashed to $16.8 billion.
On Wednesday, June 14, 2023, Dangote reportedly lost about $3.12 billion, and almost $1 billion on Thursday, June 15, 2023.
Rabiu loses massively too
His closest rival in Nigeria, Africa's third-richest man and BUA Group Chairman Abdul Samad Rabiu lost about $2.73 billion in 8 hours.
Rabiu was ranked 254th richest man in the world and now has a net worth valued at $5.54 billion.
Dangote's drop followed a fall in the share price of Dangote Cement, his primary income source.
Dangote Cement traded at N284 on Thursday, June 15, 2023, compared to N290 it traded two weeks ago as investors turned to bank stocks.
BUA Cement's share price traded at N92.
Experts expect a further plunge in the billionaires' wealth as Nigeria's currency, the naira, continues to fall against the US dollar due to the Central Bank of Nigeria (CBN) devaluation.
Nigeria to lose 300 dollar millionaires as African countries with highest millionaires emerge
Legit.ng reported that according to the Henley Private Wealth Migration Report, Nigeria is expected to lose about 300 dollar millionaires in 2023, up from 200 last year.
The development will make Nigeria the second-biggest loser of millionaires on the continent, after South Africa.
Africa is expected to see a net outflow of 500 millionaires in 2023, per the report, which tracks wealth and investment migration trends globally.
Source: Legit.ng
