Dangote Leads As Nigeria’s Second Richest Man Loses Over $500m in One Day, Gets New Ranking
- The net worth of Nigeria's second-richest man, Abdulsamad Rabiu, dropped by over $500 million in one day
- The massive loss reduced his overall fortune and pushed him 23 places lower in the global ranking
- Mike Adenuga and Femi Otedola also suffered losses, while Aliko Dangote was the only Nigerian billionaire to record an increase in net worth
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 second-richest man, Abdulsamad Rabiu, chairman of BUA Group, has suffered a massive drop in wealth.
According to Forbes Real-Time Billionaires data, Rabiu recorded a loss of more than $500 million on Tuesday, September 9.
Source: Getty Images
The loss, which represents a 7% decline, dragged Rabiu’s net worth down to $4.4 billion. It also pushed him further down the global wealth ladder.
Latest data shows he is now ranked 559th richest in the world, compared to his previous position of 522nd.
Nigeria's richest men ranking
Rabiu was not only the Nigerian billionaire to have recorded a decline in his net worth. Mike Adenuga and Femi Otedola's net worth also declined. Only Aliko Dangote defied the trend.
Aliko Dangote
Forbes reports that Africa’s richest man's net worth rose by $34 million on Monday to $23.3 billion. Dangote, whose fortune comes from cement, sugar, salt, and fertiliser, now ranks 86th globally.
Mike Adenuga
The Globacom and Conoil founder lost $14 million, reducing his net worth to $6.2 billion. He is now ranked 561st among the world’s wealthiest.
Femi Otedola
The Geregu Power chairman suffered the biggest percentage decline, with his fortune plunging by $139 million (9.9%) to $1.3 billion. He is now ranked 2,592nd globally.
The 10 Richest People in the World
- Elon Musk – $435.3 billion
- Larry Ellison – $289.5 billion
- Mark Zuckerberg – $260.2 billion
- Jeff Bezos – $248.4 billion
- Larry Page – $197.5 billion
- Sergey Brin – $183.3 billion
- Bernard Arnault & Family – $151.6 billion
- Steve Ballmer – $151.0 billion
- Warren Buffett – $147.1 billion
Source: Facebook
How is the Forbes ranking made?
Forbes' Real-Time Billionaires rankings track the daily ups and downs of the world’s richest people.
The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire.
The value of individuals’ public holdings is used to determine their net worth.
Nigerian billionaires who own clubs in Europe
Earlier, Legit.ng reported that Nigerian billionaires are channelling more investments into European football clubs.
In 2015, Kunle Soname broke new ground as the first Nigerian to purchase a European club when he bought Portuguese side CD Feirense, which plays in LigaPro, the country’s second division.
Soname is also the chairman of Remo Stars, a Nigerian team in the Nigeria Professional Football League.
In 2020, businesswoman Nneka Ede made headlines by acquiring Lusitano Ginasio Clube, a fourth-tier Portuguese outfit, becoming the first African woman to own a European football club.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
