In Nigeria right now, everyone is a victim. Mike Adenuga lost the budget of some geopolitical zones in Nigeria as his wealth decreased from $6.3 billion in 2023 to $3.1 billion. As that was happening, Rabiu of BUA Cement decreased from $7.6 billion to $5.7 billion in networt.
Of course, not to be accused of cheating others, Aliko Dangote made sure he lost money: “This saw Aliko Dangote move down to second position after his wealth declined from $13.5 billion in 2023 to $9.5 billion at the start of 2024”. This is a clear equal opportunity loss.
So, Dangote has lost his throne as Africa’s richest man to South Africa’s Johann Rupert & Family. This poses a huge risk to Nigeria. If Dangote and others’ networts continue to drop, some of the loans they personally guaranteed may be in trouble. So, you are likely going to see some of their major projects punted.
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Yet, Dangote, Rabiu, Adenuga, etc will be fine. My concern remains that corn seller who has become homeless because Nigeria happened to her. Good People, good luck to everyone in this age of mindless economic own-goals . May you NOT decline in 2024.
South African Billionaire Johann Rupert Dethrones Aliko Dangote to Emerge as Africa’s Richest Man
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