Business
Naira Float: Dangote, Rabiu Lost $5.85b, Bloomberg Index Reveals
Aliko Dangote and Abdulsamad Rabiu, Nigerian billionaires listed among the 500 richest men in the world, have lost $5.85 billion, according to the Bloomberg Billionaire Index (BBI).
The BBI is a daily ranking of the world’s richest people that provides details on the calculations of net worth analysis on each billionaire’s profile page.
As at June 15, 2023, data on the portal showed negative changes in the calculations of the wealth of the Nigerian businessmen.
The index revealed that Dangote, chairman and chief executive officer (CEO) of Dangote Group, lost about $3.12 billion in the latest update.
Similarly, Rabiu, CEO of BUA Group, was said to have lost $2.73 billion from his wealth.
The losses occurred just 24 hours after the Central Bank of Nigeria (CBN) floated the country’s currency.
Changes in the foreign exchange markets occasioned by the recent floating of the naira may have contributed to the billionaires’ losses.