3 Nigerian Billionaires Lose Over N773 Billion in One Day

• Nigeria’s top three billionaires, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, have reduced their net worth
• New data shows that the three billionaires collectively lost over $400 million in the last 24 hours
• The massive loss has affected the billionaire's ranking on the list of the richest men in the world

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.

Nigerian top billionaires, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, have recorded a huge drop in their net worth.

According to the latest data released by Forbes, the billionaires lost $483 million, about N773 billion, on Monday, May 12.

Breakdown of drop in billionaires' net worth

Mike Adenuga, founder of telecom giant Globacom and oil exploration company Conoil, saw his fortune fall by $14 million, bringing his net worth to $6.2 billion.

According to Forbes, the Nigerian business mogul, who is the country’s second-richest man, dropped to 561st place on the list of the world’s wealthiest individuals, down from 501st the previous week.

Similarly, Abdulsamad Rabiu, chairman of BUA Group, recorded a more significant drop. His net worth fell by $330 million, or 6.99%, bringing his fortune down to $4.4 billion.

BUA, a major player in Nigeria’s cement and sugar markets, has been affected by rising production costs and naira depreciation.

Rabiu is now ranked the 848th richest man in the world, a drop from his previous ranking of 822nd

Another billionaire that recorded a loss is Femi Otedola, the chairman of Geregu Power and investor in energy and infrastructure, who suffered the sharpest decline in percentage terms.

His net worth fell by $139 million, a 9.90% decrease to $1.3 billion. He is currently ranked 2,592nd richest man in the world.

Dangote wealth rises

Aliko Dangote is the only Nigerian billionaire who did not witness a drop in his net worth on Monday.

Africa’s richest man saw his wealth increase by $34 million to reach $23.3 billion on Monday, May 12.

Dangote, who leads the Dangote Group with interests spanning cement, sugar, salt, and fertiliser, now ranks 83rd on the global list of the world’s wealthiest individuals.

The 10 richest men in the world

• Elon Musk – $395.6 billion
• Jeff Bezos – $209.5 billion
• Mark Zuckerberg – $204.9 billion
• Larry Ellison – $187.9 billion
• Warren Buffett – $160.3 billion
• Bernard Arnault & family – $156.0 billion
• Steve Ballmer – $128.2 billion
• Larry Page – $127.8 billion
• Sergey Brin – $122.6 billion
• Amancio Ortega – $122.1 billion

Meet Nigerian billionaires who own clubs in Europe

Earlier, Legit.ng reported that Nigerian billionaires are increasingly investing in European football clubs.

Kunle Soname made history in 2015 by becoming the first Nigerian to acquire a European football club, purchasing Portuguese side CD Feirense, which competes in LigaPro, the country's second division.

Soname also chairs Remo Stars, a Nigerian club in the Nigeria Professional Football League. In 2020, businesswoman Nneka Ede acquired Lusitano Ginasio Clube, a fourth-tier Portuguese team, becoming the first African woman to own a European football club.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng