Here's how much these 9 Nigerian billionaires have lost in the last 6 months
Nine Nigerian billionaires lost over N500 billion of their fortune to the Nigerian stock market dip in the last first half of 2018.
Nairametrics, an online business and financial news portal, in its stock market analysis on the wealth of Nigerian billionaires via their stocks, reported that Aliko Dangote, Femi Otedola, and Jim Ovia, among others were among the main billionaires who lost substantial amounts to the market depreciation in the last 6 months.
Here's how much each of them lost, according to the calculation:
Biggest losers:
1. Aliko Dangote
Stakes in Dangote Cement, Dangote Flour, Dangote Sugar Refinery and NASCON Allied Industries.
Down by N450 billion
2. Jim Ovia
Shares in Zenith Bank
Down by N8.7 billion
3. Femi Otedola
Shares in Forte Oil Plc
Down by N7.3 billion
4. Herbert Wigwe
Shares in Access Bank Plc, through United Alliance Company of Nigeria Limited and Trust and Capital Limited.
Lost N4.4 billion.
Others are:
5. Oba Otudeko
Shares in First Bank and Honeywell Flour
Lost N1.4 billion.
6. Tony Elumelu
Shares in Africa Prudential, UBA, Transcorp and Afriland Properties Limited
Down by N1.03 billion.
7. Mike Adenuga
Shares in Conoil Plc and Sterling Bank Plc.
Lost N800 million.
8. A.B.C. Orjiakor
Shares in Seplat Petroleum
down by N700 million
9. Austin Avuru
Seplat Petroleum
down by N455 million.
As at July 9, 2018, Africa's richest man, Aliko Dangote lost more than $100 million of his net worth in less than two months.
In a Bloomberg Billionaire Index of top 500 billionaires in the world, Dangote's fortune dropped by 0.8% to $12.3 billion from the last record of $12.8 billion on May 21, 2018.
Business Insider Sub-Saharan Africa had reported that the shed in Dangote's fortune was as a result of the bearish condition of the Nigerian Stock Exchange after the first two months in 2018.
Also from Business Insider Sub-Sahara Africa: