Over the past year, the Nigerian naira has lost more than 20 percent of its value, due to a number of factors including the global oil price fall. As a result, local traders have seen importation costs soar, investors have fled the local scene, and capital market players have had their wealth shrunk, though some may argue that it is just paper value.

Among the top losers are some of Nigeria’s most prominent wealthy businessmen, particularly those who control major companies listed on the country’s bourse reports VENTURES AFRICA.

Below are a few of these losers:

Aliko Dangote

Africa’s richest man, Aliko Dangote, who has built up fortunes over the past decades through his cement, sugar and flour mill companies and accounts for 25 percent of stock market, has been the biggest loser. According to Financial Times, Dangote has incurred a loss of about $5.4 bn, which has reduced his 2014-estimated fortune of $25.7 billion.

“A lot of people’s dreams have been killed because they are using naira-based income to fund dollar-denominated debt,” Mr Dangote told the Financial Times from his offices in Lagos recently.

He however remains optimistic about the future prospects of the capital market. “If it is a race I can assure you I will come back stronger,” he says. “We have had a hard time for now, but the fundamentals of the business are there.”

Tony Elumelu

Tony Elumelu, the Chairman of proprietary investment firm, Heirs Holdings, has also fallen victim to the naira crisis. The Financial Times revealed recently that Tony, who has diversified interest in agriculture, banking, healthcare and power, has lost about $445 million in share value as one of his major investee group, Transcorp, has seen its stock nose-dive.

“It is paper value,” Tony quickly dismisses this in his reply to the Financial Times. “If you look at the people in this space, we are not short-term investors. We are not going to take our cash out tomorrow.”

Jim Ovia

Jim Ovia, the Chairman of Zenith Bank, is also among the top losers. Since January, his 9 percent stake in Zenith has lost more than $100 million. Jim, however, holds assets outside the capital market in Visafone, an mid-tier telecommunications company, offers the extroverted billionaire the much-needed respite.

100Million dollars


Chai

Is it only dreams... a lot of people ve been killed both physically and spiritually.

What about dreamless people

Akpabio and FFK must not hear this, lest they blame the APC once again, coz it seems this administration and the entire PDP establishment are only good at taking credit for their mediocre performances while they conveniently blame their failures on the APC.

Business ventures are not always smooth and steady. Bumps happen occasionally. Microsoft and facebook suffered same. Samsung did too last year. They just have to keep working hard.
#Sh*tHappens

Abeg pdp call your local-lice infested dog called ffk to come rain insults on Dangote and Elumeleu. Oh they were paid by the APC to speak like this.

DaGC:
Business ventures are not always smooth and steady. Bumps happen occasionally. Microsoft and facebook suffered same. Samsung did too last year. They just have to keep working hard.
#Sh*tHappens

Keep working hard in a harsh economic environment? What about enabling political and economic environment? Why did the Igbos located and relocated their lives and investments outside Igboland? Lack of enabling environment. Working harder is not a panacea for it.

ibedun:


Keep working hard in a harsh economic environment? What about enabling political and economic environment? Why did the Igbos located and relocated their lives and investments outside Igboland? Lack of enabling environment. Working harder is not a panacea for it.

ibedun:


Keep working hard in a harsh economic environment? What about enabling political and economic environment? Why did the Igbos located and relocated their lives and investments outside Igboland? Lack of enabling environment. Working harder is not a panacea for it.

Are you saying that those examples I gave earlier should have stopped working hard during the business crisis and let their business collapse?

As for the enabling political and economic environment, I don't want to drag politics on this thread with you, but these Nigerian companies have been operating successfully inside this administration for many years with increasing stock value. Was the political and economical situation not favorable then?

Well, like I said, business ventures are not always smooth. Bumps happen once in a while. They should keep working hard.