Nigerian Billionaires Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga Experience $9.3 Billion Wealth Decline in 2023 Amid Naira Devaluation

In 2023, the combined wealth of Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga declined by $9.3 billion, marking a 33.9% decrease to $18.1 billion from $27.4 billion on January 30. The drop is attributed to the devaluation of the Nigerian naira against the dollar, impacting businesses primarily based in Nigeria. Factors include the liberalization of the foreign exchange regime and the subsequent depreciation of the naira.

Analysts suggest that when converting their businesses’ value from naira to dollars, these billionaires experienced a significant loss. Despite a previous report indicating a rise in Nigeria’s billionaires’ wealth by 19.7%, the recent decline reflects the economic challenges tied to currency devaluation.

A notable mention is Dangote’s fall from Africa’s richest person, attributed to the Central Bank of Nigeria’s decision to float the naira in June. Despite challenges, these billionaires continue to play pivotal roles in various sectors, contributing to the nation’s economic landscape.

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Ikenna Churchill

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