According to a report seen in the Nigerian business news agency, Nairametrics, the Nigerian billionaires' net worth has significantly decreased from the original $6.3 billion reported in January by Forbes to a reported $3.6 billion.
Mike Adenuga lost $2.7 billion as a result of a number of circumstances. First, his net worth suffered as a result of the directive of the country's newly elected president in unifying the country's exchange rates.
The Nigerian billionaire launched Globacom in 2003, and it has since grown to be one of the biggest telecom firms in Nigeria, with operations in Ghana and the Republic of Benin. Over the years, his net worth has varied, hitting a high of $10 billion in 2015 after peaking at $7.3 billion in 2022.
On the subject of the Naira float, the same policy contributed to a significant decline in the net worth of Africa's richest man and Nigerian native, Aliko Dangote who was for some time, as a result, pushed to second place on Forbes Africa's list of wealthiest people.
As of July 31, 2023, Dangote's net worth stands at $10.2 billion according to Forbes, but this figure comes with a heavy price tag. The ongoing naira crisis has caused him to lose a staggering $706 million, equivalent to 6.50% of his fortune.
Additionally, Abdul Samad Rabiu, the CEO of BUA group also suffered some lose due to the floating of the currency. The Cable, a Nigerian newspaper, reported that within 24 hours of the president's decision to float the Naira, Rabiu lost $2.73 billion from his wealth.
