The flexible exchange rate regime and falling stocks have wiped $800 million from the fortunes of Alhaji ALIKO Dangote and Dr. Michael Adenuga, Jnr. in the last two days.
Today (Wednesday, June 29), Dangote’s net worth stood at $14.4 billion at 11.35 am, from $14.9 on Monday. And Adenuga’s fortune rested on $7 billion, from $7.3 billion.
When the flexible exchange rate was introduced on Monday, June 20, the dollar rose from N197 to over N281, and two of our top billionaires (Mr. Femi Otedola and Alhaji Abdulsamad Rabiu) dropped from the Forbes rich list, the authentic barometer of world’s wealth. Otedola, 52, was credited with over $1.2 billion net worth prior to the forex regime; while Rabiu, 55, had $1.1 billion to his name – but both are no longer on the list, suggesting that their fortunes has fallen below the $1 billion threshold.
With falling stocks, the fortunes of our billionaires are troubled. And only three of them are left on the prestigious Forbes rich list – Dangote, Adenuga and Mrs. Folorunsho Alakija (whose $1.7 billion net worth has been stable in the last one week).
Africa’s pride and its richest man, Dangote, 59, is on number 62 today on the list, while Adenuga, 63, is number 183. Alakija is on number 1,128.