The naira devaluation by the Central Bank of Nigeria (CBN) has reduced the wealth of Africa’s richest man, Aliko Dangote and his countryman, Abdulsamad Rabiu, by $5.85 billion.
On Thursday, Bloomberg Billionaire Index disclosed that the net worth of Dangote, the founder of Dangote Group, the majority shareholder of Dangote Cement and Dangote Sugar, lost $3.12 billion.
Dangote’s estimated wealth fell from $20.92 billion to $17.8 billion, as the value of his cement and food businesses was affected by the unification of the multiple exchange rates.
Similarly, Rabiu, the founder of BUA Group, majority shareholder of BUA Cement and BUA Foods also saw his net worth fall to $5.54 billion from $8.27 billion, after losing $2.73 billion to the naira devaluation.
The Dangote and BUA Groups are both significantly exposed to the Nigerian market, where their companies predominantly operate, as their revenue is majorly in naira denominations.
