2024’s Biggest Financial Losses Among Nigerian Billionaires

Many of Nigeria’s billionaires saw their money decrease in the year 2024. At the start of the year, the total money of Nigerian billionaires was $27.8 billion. By the second quarter, it dropped to $27.3 billion, which is a 1.8% loss.

The loss got worse by the third quarter, with their total money falling to $24.9 billion, an 8.8% drop. This year has been tough for some of Nigeria’s richest individuals.

Aliko Dangote, the richest man in Nigeria, had the biggest loss. His money went down by 17.8%. This happened because the Central Bank of Nigeria made a big change to the currency, which hurt his business.

Mike Adenuga, who owns Globacom, lost about 1.5% of his wealth. Abdul Samad Rabiu, the chairman of BUA, also saw a big drop, losing 16.1% of his wealth.

On the other hand, Femi Otedola, who leads Geregu Power, saw his money grow to $1.5 billion.

Despite these losses, there’s good news for Dangote. Experts think his money might increase soon because his new oil refinery is starting to work more. They think the refinery could be worth about $42.6 billion, which could make Dangote one of the top 30 richest people in the world.

On September 25, 2024, Dangote made $89 million, boosting his total wealth to $13.3 billion. This moved him up to being the 170th richest person in the world.