Nigerian billionaires Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga collectively saw their wealth decrease to $18.1 billion in 2023, down 33.9% from $27.4 billion on January 30, as reported by Forbes’ Real-Time Billionaires ranking.
The devaluation of the Nigerian naira against the dollar played a significant role in this wealth decline, attributed to the liberalization of the foreign exchange regime. Despite the drop, a UBS report noted that Nigerian billionaires collectively boosted the country’s wealth by 19.7% in one year, reaching $28.5 billion in April 2023.