Dangote, Otedola, Adenuga, 12 other Nigerian billionaires lose N799bn in three months

President of Dangote Industries and Abdul Samad Rabiu led other 13 Nigerian billionaires in a losing spree in the third quarter of this year, which saw about N799.1 billion shaved off their net worth.

The cumulative wealth of these Nigerian billionaires plummeted from N6.74 trillion as of June 30, 2022, to N5.94 trillion by September end, according to Nairametics.

The website said that the losses were based on the direct and indirect holdings of the billionaires with shares in listed firms in the Nigerian stock market.

The losses were propelled by the negative performance of the stock market. The stock markets all share index had fallen by 5.39 per cent in the third quarter of 2022.

The market had serious selloffs due to interest rate increases by the Central Bank of Nigeria (CBN) and other global central banks seeking to mitigate global inflation's impact.

Nigeria's equities market had about N1.4 trillion wiped off its market cap. Inflationary pressures in Nigeria also played a huge part in the losses recorded in the stock market, forcing investors to divert their investment portfolios to hedge against inflation or put their funds in safe-haven assets.

The billionaires added to the list by the website are those with noteworthy shares in the top 30 firms on the Nigerian stock exchange.

Top losers

- Aliko Dangote: N441.66bn

- Abdulasamadu Rabiu: N336.82bn

- Jim Ovia: N8.63bn

- Femi Otedola: N2.79bn

- Tunde Hassan-Odukale: N2.21bn

- Herbert Wigwe:N1.82bn

- Mike Adenuga: N1.38bn

- Tony Elumelu: N1.07bn

- Gbenga Oyebode: N1.02bn

- Wole Oshin: N780.5m

- Eguasa P.A – N262.1m

- Olakunle Alake – N245.1m

- Ifeoma Esiri – N154.4m

- Ebenezer Onyeagwu – N136.2m

- Adaora Umeoji – N119.9m