17 August 2018 : The 9.48% YTD loss in the equity market has let almost every investor whimpering, but imagine losing a whopping N 288.5 billion in a span of 8-months. That ought to hurt!. Five of the most affluent men in the country have collectively lost a total sum of N 288.5 billion in the dramatic stock market plummet this year. This YTD  translates to a market capitalization erosion of N 659 billion. So essentially what we are trying to say is about 44% of this year’s loss was suffered by these 5 men. They really took a giant one for the team. 

So these billionaires, ( even after shedding billions) suffered through these losses, mainly because they are the majority shareholders in some of the biggest firms in the Nation. These Warren Buffets of Nigeria wiz: Jim Ovia, Oba Otudeko, Tony Elumelu, Femi Otedola and Aliko Dangote, are amongst the top 10 richest men in Nigeria ( according to Forbes 2018 wealthiest men ranking ).

Of course, the biggest diminution was witnessed by the silk- stocking Aliko Dangote, the richest man in Nigeria. His stockholding value in the listed Dangote group fell by N 251.8 billion since the start of the year, that is equivalent to the value of the aircraft : Airbus A 340-300. As we let that sink in, this loss represents, 87% of the total losses borne by the nation’s richest shareholders.

Decoding this loss, the man suffered a loss of N248.4 billion from the 7% decline in ( DANGCEM ) alone, since the beginning of the year. Since ( DANGCEM ) is the most capitalized stock on the Bourse, a dip in the stock can inflict some real pain to its investors. Looks this Industrial market giant cemented Mr. Dangote with some major desolation. Another N3.4 billion was lost courtesy ( DANGSUGAR ), while the remaining N 2.97 billion loss out of the N 251.8 billion was due to his stake in ( DANGFLOUR ).

Although, there were somesprinkes of rain amidst the drought, as the uptick in ( NASCON ) covered his losses from ( DANGFLOUR ), i.e the surge in the share price of the salt company added N 2.96 billion to his wealth. As of yesterday, Dangote’s stake in his firms has reduced to N 3.3 trillion from N 3.6 trillion at the start of the year.

Jim Ovia, the second richest shareholder of the Nation, the chairman of Zenith Bank, owns around 4.5 billion shares of Zenith Bank , worth N 103.68 billion, as of yesterday. His wealth declined by N 11.95 billion, fueled by the 11.3% dip in Zenith Bank’s share price since the start of the year. 

Tony Elumelu, is the chairman of UBA and Transcorp. Since, we all know how well the companies have done this year. The unfortunate billionaire’s collective holding in the two companies declined from N 25.1 billion at the start of the year to N 21.2 billion as of yesterday. He owns about 2.3 billion shares of ( UBA ) , and the decline in stock caused him to lose N 3.7 billion in 8 month. ( TRANSCORP ) did not make things better, as the 25% decline in its share price resulted in him losing N 374 million since the start of the year, as he owns about 2 billion shares in Transcorp. 

Next in line is Oba Otudeko, the chairman of Honeywell group and FBN holdings Plc. The billionaire's stake in the two firms collectively dropped from N 16.4 billion at the start of the year to N 14.1 billion a son yesterday. He possesses about 5.3 billion unites in the Honeywell group , and as the stock fell by 23.2 %, so did his share value- by a whopping N 2.73 billion. Consequently, his stake in the firm dropped from N 11.8 billion to N 9.04 billion, as of market close yesterday.But, there was a ray of light at the end of the tunnel, as there was a rally in the share price of the ( FBNH ) group, where the man holds 538 million units. The 9% increase in the share price of the firm led to an increase in his shareholding value to currently stand at N 408.9 million. 

One of the worst performing stocks this year is undoubtedly, Forteoil ( FO ) which has fallen by an enormous 43% since the start of the year. Consequently, its chairman Femi Otedola, can’t be happy, as his fortune declined by N 18.4 billion, the billionaire possesses 1,02 billion units of the company’s shares.

From the looks of it, theses billionaires might not have a very Merry Christmas, as if this sell-off attitude continues, which in all fairness it will, ( thank the Political Bears who are butchering the sector bit by bit, and the capital outflows ) these men are ordained to lose one third of a trillion Naira before Christmas. 

Reporting for EasyKobo on Friday ,17 August 2018 in Lagos, Nigeria