According to Forbes’ Real-Time Billionaires ranking, the collective wealth of Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga experienced a decline of $9.3 billion in 2023…CONTINUE READING

Forbes’ wealth-tracking platform continuously updates the net worth and rankings of confirmed billionaires, with public holdings values updated every five minutes during stock market hours.

As of 3 pm on December 29, 2023, the trio’s wealth plummeted by 33.9%, reaching $18.1 billion compared to the $27.4 billion recorded on January 30 of the same year.

A detailed analysis reveals that Dangote’s fortune decreased by $4.1 billion to $9.4 billion, Rabiu’s wealth dipped by $1.9 billion to $5.7 billion, and Adenuga’s saw a drop of $3.3 billion, settling at $3 billion.

The devaluation of the naira is identified as a major factor impacting their wealth, as the currency witnessed a decline in value against the dollar.

Abiodun Keripe, the Managing Director at Afrinvest Consulting Limited, highlighted that since the majority of their businesses are in Nigeria, the conversion of business value from naira to dollar has resulted in a loss of value for these billionaires.