Dangote, Otedola, Jim Ovia, others lose N799.1 billion as stock prices tank via politicsngr
Africa’s richest man, Aliko Dangote, Chairman of Zenith Bank, Jim Ovia are among 15 Nigerian billionaires who lost a whopping N7991.1 billon in the third quarter of 2022 as stock prices tanked following the bearish performances of Nigeria equities market.
The losses were a result of the decline in the unit share prices of both companies due to selloffs. Specifically, the share price of Dangote Cement dipped by 10.9 per cent to close the quarter at N245 from N275 per unit recorded as of 30th June 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.
Others whose investment declined during the period include: Herbert Wigwe – who lost N1.82 billion; Mike Adenuga – N1.38 billion ; Tony Elumelu – N1.07 billion ; Gbenga Oyebode – N1.02 billion ; Wole Oshin – N780.5 million .