Dangote loses $7 billion as Abdul Samad Rabiu falls out of billionaire index

Two of Nigeria’s wealthiest men are in the red zone as far as the richest men in the world are concerned.

Aliko Dangote has lost over $7 billion and dropped to the 122nd wealthiest man in the world from the 76th position he occupied during the week.

Dangote falls out of list of top 100 richest people

His fortunes have nosedived since Nigeria devalued its currency, leading to a considerable loss as most of his stocks are traded in the local currency, the naira.

Dangote, whose net worth was estimated by the Bloomberg Billionaire Index at $21.2 billion at the beginning of June, has now fallen out of the first 120 wealthiest persons in the world list with a net worth of about $15.1 billion.

Dangote was displaced as Africa's richest man by South Africa's Johann Rupert on the Forbes list this month.

The Chairman of Dangote Group lost about $586 million on Friday, June 24, 2023, sending further down the billionaire ranking.

Rabiu disappears from the richest men's ranking

Meanwhile, three weeks after he debuted on the Bloomberg Billionaire Index, Abdul Samad Rabiu, Nigeria’s second-richest man, has dropped from the list.

In May 2023, Rabiu, Chairman of BUA group, made the ranking, landing at the 282nd position on the index with a net worth of $7.65 billion, peaking at $8.2 billion.

But the devaluation and floating of Nigeria’s currency, which led to the massive naira depreciation, removed Rabiu from the list.



As of Friday, June 24, 2023, Rabiu was missing from the list, meaning he does not have a net worth of at least $51.16 billion, the cut-off point to join the list of the 500 wealthiest people in the world.

The list ended with US businessman Schulze, the founder of Best Buy, a North American electronic retailer. He is worth about $51.16 billion.