Nigeria did not have the best of years in 2016 as the economic crunch took a harder toll on the country and the average man on the streets could feel the impact as the recession was coupled with the unprecedented inflation rate made feeding almost impossible.
However, it seems it was not just the poor that cried. The rich in Nigeria also cried in 2016. Out of the 4 billionaires (in dollar terms), only one experienced an increase while the remaining 3 experienced losses, heavy losses in some cases. Here is the low down of how they fared according to report from Forbes.
- Aliko Dangote: Africa’s richest man remains Africa’s richest man but not without his fair share of losses. His worth is just about half of what it was, down from $25 billion in February 2014 to $12.4 billion as at December 21 2016 and 27.9% down from his December 31, 2015. He lost the highest amount of dollars in Africa during the past year.
Summary: Dec 31, 2015 Net Worth: $17.2 billion
Down: $4.8 billion (-27.9%)
Current net worth: $12.4 billion
- Mike Adenuga: This man did not know what the recession was doing to his fellow billionaires as he grabbed the top spot of billionaires whose worth increased in 2016. While Adenuga’s net worth dropped significantly since March 2016, due to the devaluation of the Nigerian Naira and the country’s struggling oil sector, he still managed to coup a net $2.7 billion gain, a feat no other African billionaire was able to match.
Summary: Dec 31, 2015 Net Worth: $3.1 billion
Up: $2.7 billion (87.1%)
Current net worth: $5.8 billion
- Femi Otedola: Oil magnate, Femi Otedola, had a 2016 to forget as he emerged (percentage-wise) Africa’s biggest billionaire loser taking a 79% dip in his worth. His new estimated worth is $375 million from the $1.8 billion it used to be in December 2015, effectively dropping him out of the billionaire league. The dwindling share price of Forte Oil, the Nigerian oil marketing company he controls, is the main reason for this dip.
Summary: December 31, 2015 Net Worth: $ 1.8 billion
Down: $1.425 billion (-79.1%)
Current net worth: $375 million
