Four Nigerian billionaires lost a combined $2.25 billion in estimated wealth on Wednesday as investors took profits after a strong stock market rally, pushing Nigeria’s benchmark index to a six-week low.
Data from Forbes’ real-time billionaire tracker showed that Aliko Dangote, Abdul Samad Rabiu, Mike Adenuga and Femi Otedola lost $1 billion, $1.2 billion, $26.3 million and $20.8 million, respectively.
Forbes updates billionaire net worth estimates every five minutes during trading hours, reflecting changes in the value of publicly listed holdings, while privately held assets are reviewed periodically.
The one-day decline in wealth came as the Nigerian Exchange Limited’s market capitalisation fell to N155.4 trillion on Wednesday, its lowest level since July 13, from N155.97 trillion at Tuesday’s close, according to NGX data.
The NGX All-Share Index also fell to 240,750.47 points, its lowest level since July 7, from 241,611.23 points on Tuesday.
