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2 Nigerians drop off billionaires’ list as dollar gains

Two Nigerian billionaires have dropped from the Forbes rich list following the introduction of the flexible exchange rate which saw the Naira fall from N197 to a dollar, to over N280 in its first day of implementation. The new regime (started yesterday, Monday, June 20) which allows the Naira to sway as market forces dictate removed Mr. Femi Otedola, 52, and Alhaji Abdulsamad Rabiu, 55, from the list compiled by the American publication which catalogues net worth of the world’s richest people.

And today (Tuesday, June 21), only Alhaji Aliko Dangote, Dr. Mike Adenuga, Jnr and Mrs. Folorunsho Alakija are left on the list of top Nigerians with fortunes above $1 billion.

Kano born richest African, Dangote, 59, settled at number 66 at 2:30 pm today with $14.6 billion networth. He was trailed by Adenuga, 63, Glo and Conoil chairman, who appeared at number 145 with $8.9 billion. Mrs Alakija of Famfa Oil,  was at number 1,172 with $1.7 billion.

Otedola and Rabiu were worth about $1.2 billion apiece until the flexible exchange rate saw them off the list. Many far worth more than a billion dollars are now millionaires as the Naira lost more than N90 to a dollar in one day.

In the 2016 ranking of Nigerian billionaires compiled in March, Forbes attributed $15.4 billion to Dangote; $10 billion to Adenuga; $1.8 billion to Otedola ; $1.6 billion to Alakija and $1.1 billion to Rabiu.

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