Fifteen Nigerian billionaires have lost as much as N799.1 billion to the bearish performance of the Nigerian equities market in the third quarter of the year, as their collective wealth dropped by 11.9% in Q3 2022.
The aggregate wealth of these billionaires dropped from N6.74 trillion as of 30th June 2022 to N5.94 trillion by the end of September 2022. This is according to Nairametrics’ billionaire tracker, compiled based on the direct and indirect holdings of notable billionaires with stakes in listed companies in the Nigerian stock market.
The loss by the billionaires was due to the negative performance of the stock market. The All-Share index had dipped by 5.39% in Q3 2022, with almost all the indices (apart from the NGX Growth Index) printing negative returns in the period.
The Nigerian stock market suffered from huge selloffs following interest rate hikes by major central banks around the world including the Central Bank of Nigeria as the equities market lost about N1.4 trillion in market capitalization.
The rising rate of inflation in the country also contributed to the downturn recorded in the market, forcing investors to reallocate their investment portfolios in a bid to hedge against inflation or at the very least, put their monies in safe-haven assets.
The billionaires included in this list are individuals with substantial stakes in the top 30 companies on the Nigerian stock market (NGX 30). It is also worth noting that the aggregate value considers the billionaires’ direct and indirect holdings in these companies.
Africa’s richest man and Nigerian business magnate alongside his indirect investors lost an aggregate of N441.66 billion from his direct and indirect stakes in Dangote Cement and Dangote Sugar Refinery.
The Chairman of dual listed BUA companies (BUA Foods and BUA Cement), Abdulsamadu Rabiu lost N336.82 billion from his holdings in the two companies in the third quarter of 2022
Nigerian business mogul, Jim Ovia is the founder of Zenith Bank, one of the largest commercial banks in Nigeria. He lost N8.63 billion from his direct and indirect stake in the bank as the company saw its share price dip by 7.8% in Q3 2022.
Femi Otedola lost an aggregate of N2.79 billion to the bearish movement in the stock price of FBN Holdings in the third quarter of the year. Mr. Otedola controls 10 million units of shares directly in the holding company and 1.98 billion units indirectly, representing 5.57% controlling interest.
Mr. Tunde Odukale, the managing director and CEO of Leadway Assurance Company saw his stake in FBN Holdings decline by N2.21 billion in the third quarter of the year after the stock price of the company declined by 12.1% in the review period.
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