Four Nigerian billionaires lost a combined $2.25 billion in estimated wealth on Wednesday as investors took profits after a strong stock market rally, pushing Nigeria’s benchmark index to a six-week low.
Data from Forbes’ real-time billionaire tracker showed that Aliko Dangote, Abdul Samad Rabiu, Mike Adenuga and Femi Otedola lost $1 billion, $1.2 billion, $26.3 million and $20.8 million, respectively.
Forbes updates billionaire net worth estimates every five minutes during trading hours, reflecting changes in the value of publicly listed holdings, while privately held assets are reviewed periodically.
The one-day decline in wealth came as the Nigerian Exchange Limited’s market capitalisation fell to N155.4 trillion on Wednesday, its lowest level since July 13, from N155.97 trillion at Tuesday’s close, according to NGX data.
The NGX All-Share Index also fell to 240,750.47 points, its lowest level since July 7, from 241,611.23 points on Tuesday.
The pullback follows a rally that briefly made the exchange the world’s best-performing stock market in dollar terms and lifted the fortunes of some of Nigeria’s wealthiest investors.
“The slowdown is a combination of normal third-quarter seasonality, profit-taking, limited near-term catalysts and investor positioning ahead of major events,” said Abiodun Keripe, managing director of Afrinvest Consulting Limited. “Q3 is also typically a quiet period for the equities market, with fewer corporate actions and dividend-related catalysts than earlier in the year.”
He added that…
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