Home News Finance Nigerian Billionaires Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga Experience $9.3 Billion Wealth Decline in 2023 Amid Naira Devaluation
FinanceNews

Nigerian Billionaires Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga Experience $9.3 Billion Wealth Decline in 2023 Amid Naira Devaluation

481

In 2023, the combined wealth of Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga declined by $9.3 billion, marking a 33.9% decrease to $18.1 billion from $27.4 billion on January 30. The drop is attributed to the devaluation of the Nigerian naira against the dollar, impacting businesses primarily based in Nigeria. Factors include the liberalization of the foreign exchange regime and the subsequent depreciation of the naira.

Analysts suggest that when converting their businesses’ value from naira to dollars, these billionaires experienced a significant loss. Despite a previous report indicating a rise in Nigeria’s billionaires’ wealth by 19.7%, the recent decline reflects the economic challenges tied to currency devaluation.

A notable mention is Dangote’s fall from Africa’s richest person, attributed to the Central Bank of Nigeria’s decision to float the naira in June. Despite challenges, these billionaires continue to play pivotal roles in various sectors, contributing to the nation’s economic landscape.

Read: The Most Dangerous Places to Be a Christian in 2024

About The Author

Related Articles

NewsWorld

Nigerian U.S. Embassy and ICIR Cancel Training on “Foreign Influence” in Nigeria After WAW’s Report, Trump’s Foreign Policy Shift

A controversial U.S.-funded media training programme in Nigeria through the International Centre...

CSS tariff
News

CSS Heads to Moscow for Strategic Consultations with Russia

The foreign ministers of the Confederation of Sahel States (CSS), comprising Burkina...

M23 Rebels
NewsSecurity

DR Congo, M23 Rebels to Hold First Direct Talks in Qatar on 9 April

The Democratic Republic of Congo (DRC) and M23 rebels will hold their...

U-17 Africa Cup
NewsSports

CAF U-17 Nations Cup: Golden Eaglets Absent as Morocco Thrash Uganda in Opener

The TotalEnergies U-17 Africa Cup of Nations is underway in Morocco, and...