Naira Fall: Rabiu To Lose Over N1trn In Hours, Drops 200 Places in Billionaire Ranking
LAGOS JUNE 15TH (NEWSRANGERS)-Abdulsamad Rabiu, the chairman of BUA Group, has suffered a substantial loss to his fortune in the wake of the Naira’s devaluation.
It had reported that the Central Bank of Nigeria announced that the naira exchange rate to the dollar will now be determined by market forces.
The apex bank went further by giving power to banks to sell forex freely.
Within a matter of hours, the value of the naira against the US dollar depreciated to as high as N791 from the starting day rate of N461.
Nigerian billionaires like Rabiu watched as their net worth dropped massively in dollar terms.
How Rabiu’s wealth dropped
In the case of Rabiu, Bloomberg reports that his fortune dropped from $8.27 billion on Tuesday, June 13, 2023, to $5.54 billion as of the end of June 14, 2023.
This indicates that in a matter of 24 hours, over N1.2 trillion ($2.73 billion) was wiped out from his net worth.
Furthermore, Rabiu dropped 200 places in the world billionaire ranking to close Wednesday, June 14, as the 463rd richest man in the world compared to 263rd he was a day previous.
Why was Abdulsamad Rabiu Affected?
Rabiu is one of Nigeria’s economy’s biggest investors with an interest in industrial goods and the food sector, among others. Most of his company’s products are sold in Naira.
BUA Cement, is the country’s second-largest cement producer, while also BUA Foods, has the largest pasta and flour plant in Nigeria.
Tony Elumelu and wife make almost N1bn in hours from one Investment
Meanwhile, in another report, Tony Elumelu and his wife, Awele Elumelu, continue to demonstrate the importance of marrying a partner who shares the same vision
In just eight hours, the couple made almost N1 billion from their investment in Transnational Corporation of Nigeria (Transcorp)
Elumelu is a banker and serial investor, while Awele is an accomplished healthcare executive who has distinguished herself in her field
Source: Legit.ng
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Posted by News Rangers
on Jun 15 2023. Filed under Business, National.
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