According to Forbes’ Real-Time Billionaires ranking, the combined wealth of Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga decreased by $9.3 billion in 2023.
Every person who has been verified as a billionaire is ranked and their net worth is continuously updated on Forbes’ wealth-tracking platform. Every five minutes, while the corresponding stock markets are open, the value of each person’s publicly traded holdings is updated.
The wealth of Dangote, Rabiu, and Adenuga decreased by 33.9 percent from $27.4 billion on January 30 to $18.1 billion as of 3 p.m. on December 29, 2023.
According to a breakdown of the data, Adenuga’s wealth decreased by $3.3 billion to $3 billion, Rabiu’s fell by $1.9 billion to $5.7 billion, and Dangote’s fell by $4.1 billion to $9.4 billion.
“Their wealth would have been impacted by the devaluation of the naira since the currency has lost value in relation to the dollar,” Abiodun Keripe, managing director of Afrinvest Consulting Limited, stated.
He continued by saying that the billionaires’ companies are primarily based in Nigeria and that they would have lost value if they had converted their naira to dollars.
The dwindling fortunes of Nigerian billionaires, according to an analyst based in Lagos who went by the name Demola, can be attributed primarily to the naira’s depreciation against major international currencies.
The naira saw a significant devaluation following the liberalization of the foreign exchange regime in June as part of efforts to boost the economy.
The willing buyer, willing seller model was reinstated and all FX market segments were combined under the Investors and Exporters window by the Central Bank of Nigeria (CBN).
