5 African Billionaires Who’ve Lost the Most Money in 2023

The year 2023 has not been kind to some of Africa’s most affluent billionaires, as they’ve suffered massive financial losses in their respective industries. These losses which are closely linked to the market valuations of their assets have affected the net worth of these billionaires.

While some have recovered, others are still struggling to rebound from their loss. Let’s take a look at 5 African billionaires who have lost the most money in 2023. 

Abdulsamad Rabiu – $545 million

Abdulsamad Rabiu, Chairman and founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate, experienced a $545 million decline in his net worth on the 22nd of February 2023. The significant decline in his net worth made him lose his position as Africa’s fourth-richest billionaire. The $545 million drop was attributed to the revaluation of his privately held businesses under BUA Group. 

Despite the loss, Rabiu recorded a $700 million increase in 24 hours, which helped him regain his place as Africa’s fourth-richest man. The net worth surge was attributed to a rise in the market value of his stake in his food company, BUA Foods Plc.

Patrice Mosepe – $500 million

Since the start of the year, Patrice Mosepe has witnessed a continual decrease in his net worth in 2023. Reports say the $500 million drop is because of the performance of his 39.7-per cent stake in African Rainbow Minerals (ARM), a South African mining and minerals company with strategic positions in iron, coal, copper, gold, platinum, and other precious metals.

The decline saw his net worth plummet from $3.2 billion at the start of the year to $2.7 billion at the time of writing this report. Patrice Motsepe is the founder and chairman of African Rainbow Minerals, who became a billionaire in 2008.

Mohammed Al-Amoudi – $460 million

Ethiopian billionaire, Mohammed Al-Amoudi suffered a $460 million decline in his net worth on the 21st of February, 2023. The slump in his net worth is closely linked to the decline in the market value of his industrial assets in Ethiopia, Saudi Arabia, and Sweden. One of such assets, Preem, Sweden’s largest oil refiner, dropped by $698.92 million from $1.08 billion.

Newsmen reports that while his stake at Preem plummeted, his stakes in Midroc Gold, Ethiopia’s largest miner; Svenska Petroleum Exploration, a prominent oil exploration and production company; and Okote Gold have remained steady at $1.13 billion, $772 million, and $993 million, respectively.

Aliko Dangote – $300 million

Africa’s richest person, Aliko Dangote also suffered a $300 million loss on the 28th of March. The loss of the founder and chairman of Dangote Group, Africa’s most diversified manufacturing conglomerate, was attributed to selling pressures on the Nigerian Exchange that resulted in a decline in Dangote Cement’s share price. However, days later his net worth rebounded significantly, surging by $400 million within 24 hours. Dangote who owns 85% of publicly-traded Dangote Cement through a holding company, is expected to receive a staggering dividend of $640.6 million, following an outstanding performance in its fiscal year 2022.

Mike Adenuga – $100 million

Nigerian billionaire, Mike Adenuga also experienced a significant $100-million slump in his net worth in 2023. This saw his net worth drop from $6.2 billion on the 26th of January, 2023  to $6.1 billion on the 13th of March 2023. The loss is closely linked to a downturn in the market value of his privately held businesses in the telecom and energy sectors.

The Nigerian business magnate is the founder of Globacom, one of Nigeria’s largest telecom service providers, and the majority owner of Conoil Plc, a leading petroleum marketing firm that sells a range of products, including diesel, kerosene, low-pour fuel, aviation fuel, and gasoline. He is the sixth richest man on the continent.