Here's how much these 9 Nigerian billionaires have lost in the last 6 months

Nine Nigerian billionaires lost over N500 billion of their fortune to the Nigerian stock market dip in the last first half of 2018, according to Nairametrics calculation.

Nairametrics, an online business and financial news portal, in its stock market analysis on the wealth of Nigerian billionaires via their stocks, reported that Aliko Dangote, Femi Otedola, and Jim Ovia, among others were among the main billionaires who lost substantial amounts to the market depreciation in the last 6 months.

Here's how much each of them lost, according to the calculation:

Biggest losers:

1. Aliko Dangote

Stakes in Dangote Cement, Dangote Flour, Dangote Sugar Refinery and NASCON Allied Industries.

Down by N450 billion

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2. Jim Ovia

Shares in Zenith Bank

Down by N8.7 billion

3. Femi Otedola

Shares in Forte Oil Plc

Down by N7.3 billion

4. Herbert Wigwe

Shares in Access Bank Plc, through United Alliance Company of Nigeria Limited and Trust and Capital Limited.

Lost N4.4 billion.

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Others are:

5. Oba Otudeko

Shares in First Bank and Honeywell Flour

Lost N1.4 billion.

6. Tony Elumelu

Shares in Africa Prudential, UBA, Transcorp and Afriland Properties Limited

Down by N1.03 billion.

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7. Mike Adenuga

Shares in Conoil Plc and Sterling Bank Plc.

Lost N800 million.

8. A.B.C. Orjiakor

Shares in Seplat Petroleum

down by N700 million

9. Austin Avuru

Seplat Petroleum

down by N455 million.

As at July 9, 2018, Africa's richest man, Aliko Dangote lost more than $100 million of his net worth in less than two months.

In a Bloomberg Billionaire Index of top 500 billionaires in the world, Dangote's fortune dropped by 0.8% to $12.3 billion from the last record of $12.8 billion on May 21, 2018.

Business Insider Sub-Saharan Africa had reported that the shed in Dangote's fortune was as a result of the bearish condition of the Nigerian Stock Exchange after the first two months in 2018.

Also from Business Insider Sub-Sahara Africa: