Four Nigerian billionaires lost a combined $2.35 billion in estimated wealth on Thursday 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 $1.1 billion, $1.2 billion, $25.9 million and $20.2 million, respectively. Rabiu, Africa’s third-richest man with a fortune of $11.5 billion, recorded the largest decline among the four.
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 N155.0 trillion on Thursday, its lowest level since July 7, from N155.4 trillion at Wednesday’s close, according to NGX data. The NGX All-Share Index also fell to 240,037.8 points, its lowest level since July 7, from 240,750.5 points.
The pullback follows a rally that briefly made the exchange the world’s best-performing stock market in dollar terms and lifted the fortunes of some of Nigeria’s wealthiest investors.
