Cover Stories, News

Dangote $1.8 billion richer in one week

-Otedola recoups additional $300 million

The pride of the continent and Africa’s richest man, Alhaji Aliko Dangote, 58, is jubilating as the last one week has been full of good news… recouping $1.8 billion from his lost fortunes (from $13.6 billion on Monday, February 8, to $15.4 billion on Sunday, February 14, 2016) as recorded on Forbes rich list.

The amiable billionaire who looms large in sugar, cement, flour, salt and oil was ranked number 54 by Forbes last weekend.

At his peak on the list, Dangote was ranked the 23rd richest human being on planet earth with $25 billion networth. But his fortunes, like those of the other billionaires on the list – Dr. Michael Adenuga Jnr, Femi Otedola, Mrs. Folorunsho Alakija and Alhaji Abdulsamad Rabiu – is linked to the Nigerian Stock market which has been clobbered to submission in the last 18 months.

In that period, market capitalization of quoted companies dropped from over N14 trillion to about N8 trillion…due to falling oil prices, uncertainty in the polity, crash of the naira and more.

But things are not looking all grim and bad for our billionaires.

Forte Oil’s Femi Otedola, 52, also regained  $300 million from his fortunes (from $1.6 billion to $1.9 billion) by the weekend. He stood on the Forbes list as number 966. At his peak, he had $1 billion to his name.

Dr. Michael Adenuga Jnr, 62, lost $100 million in the last one week (from $3.2 to $3.1 billion) – and took number 551 on the list. He once had $4.7 billion.

Mrs. Folorunsho Alakija, 65, on number 1128 retained her $1.6 billion networth (from $2.5 billion peak).

Alhaji Samad Rabiu, 55, also retained his $1.2 billion fortunes, but was ranked number 1434.

From their $21.2 billion net-worth (February 8), the five richest Nigerians now have $23.2 billion (a gain of $2 billion!).



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