The sharp selloff on the Nigerian Exchange Limited (NGX) is eroding not only the portfolios of retail investors but also the fortunes of the country’s wealthiest businessmen, with Aliko Dangote and Abdul Samad Rabiu losing a combined $3.5 billion in just 17 days as heavyweight stocks came under intense pressure.
Data from the Bloomberg Billionaires Index, which tracks the wealth of the world’s 500 richest individuals, shows that the combined net worth of the two Nigerian billionaires declined to $50.7 billion on June 25 from $54.2 billion on June 8.
The decline mirrors a correction in some of Nigeria’s largest listed companies, particularly Dangote Cement and BUA Cement, whose shares have come under sustained selling pressure.
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Africa’s richest man saw his fortune fall to $34.3 billion after briefly almost nearing the $40 billion mark earlier this month.
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