While Aliko Dangote is still Africa’s richest man by far, he’s not as rich as he used to be. In February 2014, his fortune hit an all-time high of $25 billion. Today, he’s just worth half of that. FORBES estimates that he is currently worth $12.4 billion, down from $17.2 billion this time last year on the back of a Central Bank devaluation of the Naira, Nigeria’s currency, in June. Having shed $4.8 billion off his fortune within the last 12 months, Dangote is Africa’s biggest billionaire loser in dollar terms in 2016.
Percentage wise, however, the biggest loser for the year is Nigerian oil magnate Femi Otedola whose net worth is an estimated $375 million, down from $1.8 billion a year ago, representing a 79% plunge. Otedola’s big drop in net worth is the result of the dwindling share price of Forte Oil, the Nigerian oil marketing company he controls.
In all, the fortunes 12 African billionaires fell over the past year. Below is the list of the 5 biggest losers of 2016:
- Aliko Dangote, Nigeria, Cement
Dec 31, 2015 Net Worth: $17.2 billion
Down: $4.8 billion (-27.9%)
Current net worth: $12.4 billion
- Femi Otedola, Nigeria, Oil
December 31, 2015 Net Worth: $ 1.8 billion
Down: $1.425 billion (-79.1%)
Current net worth: $375 million