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- About 15 Nigerian billionaires lost more than N799 billion in the third quarter of this year.
- The loss was due to a decline in property on the Nigerian Stock Exchange, which investors responded with negative sentiment.
- The biggest losers are the biggest investors like Dangote and BUA Group’s Abdul Samad Rabiu
Dangote Industries president Abdul Samad Rabiu led 13 other Nigerian billionaires in a crushing loss in the third quarter of this year, slashing their net worth by about N799.1 billion.
The cumulative wealth of these Nigerian billionaires plummeted from N6.74 trillion as of June 30, 2022 to N5.94 trillion by the end of September, according to Nairametics.
Source: Getty Images
Billionaire wiped out his fortune on the stock market
According to the website, the losses are based on billionaire direct and indirect holdings of shares in companies listed on the Nigerian stock market.
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The loss was driven by the negative stock market performance. The stock market’s all-stock index fell 5.39% in the third quarter of 2022.
Markets have been put into a serious sell-off by interest rate hikes by the Central Bank of Nigeria (CBN) and other global central banks seeking to cushion the impact of global inflation.
About N1.4 trillion wiped out the market capitalization in the Nigerian stock market.
Inflationary pressures in Nigeria also played a major role in the losses recorded in the stock market, forcing investors to divert their investment portfolios to hedge against inflation and invest in safe haven assets.
The billionaires added to the list by the website are those who hold notable stocks in the top 30 companies on the Nigerian Stock Exchange.
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top loser
- Aliko Dangote: N441.66bn
- Abdullasamadu Rabiu: N336.82bn
- Jim Ovia: N8.63bn
- Femi Otedra: N2.79bn
- Tunde Hassan-Odukale: N2.21bn
- Herbert Wigwe: N1.82bn
- Mike Adenuga: N1.38bn
- Tony Ermel: N1.07bn
- Gbenga Oyebode: N1.02bn
- Wole Oshin: N780.5m
- Eguasa PA – N262.1m
- Oracle Kunle Arake – N245.1m
- Ifeoma Esiri – N154.4m
- Ebenezer Onyeagwu – N136.2m
- Adaora Umeoji Street – N119.9m
Meet the tech billionaire who was 2 days old and was trashed as a baby
Legit.ng reported that Freddy Figers was found two days old in a dumpster and given the name “Dump Baby” by a school bully.
He had been abandoned by life’s ups and downs until a kind man found him with his placenta almost intact in a trash can in rural Florida, according to a BBC report.
At the age of eight, he asked his father, Nathan, about the circumstances of his birth.
Source: Legit.ng
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