Cover Stories, News

Top billionaires battered -Lose $2.5 billion in 12 weeks

Our top 5 billionaires, serenaded on Forbes rich list, have been battered in the last 12 weeks, losing a combined fortunes of $2.5 billion (N500 billion)!

From Alhaji Aliko Dangote, Dr. Michael Adenuga, Jnr., Mrs. Folorunsho Alakija to Mr. Femi Otedola, all have recorded losses in their networth. Only Alhaji Abdulsamad Rabiu has retained his fortunes.

The networth of our top 5 billionaires which rose to $33.7 billion (N6.74 trillion) is now $31.2 (N6.24 trillion).

Alhaji Dangote, 59, the cement, sugar, flour, salt and oil giant, grew his fortunes to $17.3 billion – but he’s now worth $16.8 billion (on Saturday, May 14, 2016 at 4:30 pm). That’s a difference of $500 million (N100 billion). He’s at number 47 on the world’s richest persons’ list and Africa’s number 1.

Dr. Michael Adenuga, Jnr., 63, the chairman of Globacom and Conoil, on his birthday on April 29, 2016, had $11.4 billion against his name. By Saturday, May 14, the figure had dropped to $10.3 billion (a difference of $1.1 billion; N220 billion). He’s at number 116 on the world’s ranking.

Mrs. Folorunsho Alakija, 65, of FAMFA Oil, nurtured her wealth to $1.9 billion, but it’s now $1.7 billion. At number 1,188, she lost a total of $200 million (N40 billion).

Forte Oil’s, Femi Otedola, 52, sat on $1.9 billion 12 weeks ago, but he now has $1.2 billion (all of $700 million difference; N140 billion). He’s at number 1, 568 on the list.

Alhaji Abdulsamad Rabiu, 57, commodity big man, retained his fortunes of $1.2 billion over the weeks, sometimes dropping to $1.1 billion. He is at number 1,652

Our billionaires are affected by the strength of the dollar and troubled stock market, with the dwindling purchasing power of their compatriots…




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