Cover Stories, News, People

Top richest Nigerians recoup $230 million (N46 billion) from lost fortunes

… OTEDOLA loses $120 million (N24 billion) in one week

The top 5 richest Nigerians – Alhaji Aliko Dangote, Dr. Michael Adenuga, Jnr, Femi Otedola, Mrs. Folorunsho Alakija and Alhaji Abdulsamad Rabiu – recouped a little of their lost fortunes in the last one week…adding $230 million to their combined fortunes (which stood at $21.4 billion on Sunday, January 31, 2016).

From their peak of $34.4 billion, their networth fell by 38.4 per cent (to $21.17 billion last week).

The heart-breaking loss – as a result of crashing oil price (from over $100 to about $30) and the turmoil in the Nigerian stock market (which lost over N6 trillion in 18 months from market capitalization) – has caused many upsets on the Forbes rich list.

Dangote, who once had $25 billion (N5 trillion) to his name, fell to $14.1 billion (N2.82 trillion), with a total loss of $9.9 billion (N2.18 trillion).

Adenuga’s networth, which was $4.7 billion (N940 billion), crashed to $2.8 billion (N560 billion), a loss of N380 billion.

Otedola’s $1 billion fortune (N200 billion) rose to $1.72 billion (N344 billion), which translates to a gain of N144 billion.

Alakija, with $2.5 billion (N500 billion), nosedived to $1.47 billion (N294 billion), and a loss of N206 billion.

Rabiu’s total loss was only $100 million (N20 billion), from his networth of $1.2 billion (N240 billion) to $1.1 billion (N220 billion).

The quintet, however, smiled a little as $230 million (N46 billion) was added to their networth in the last week.

Alhaji Aliko Dangote, 58, lost a further $100 million (from $14.1 billion to $14 billion); Dr. Michael Adenuga Jnr, 62, gained $300 million (from $2.8 billion to $3.1 billion); Femi Otedola, 52, lost $120 million (from $1.72 billion to $1.6 billion); Mrs. Folorunsho Alakija, 65, gained $130 million (from $1.47 to $1.6 billion) and Alhaji Samad Rabiu, 55, retained his $1.1 billion fortunes.

On the Forbes rich list on Sunday, January 31, 2016, Dangote was ranked number 62; Adenuga, 568; Otedola, 1081, Alakija, 1133 and Rabiu, 1471.

Related Stories:



About the Author