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Author: Eagletale
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Replies: 33
Forbes And Aliko Dangote’s Declining Wealth – Jekwu Ozoemene

Eagletale

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#1
[Image: 8AC66C65-A3C7-4BB0-8CCD-3FA00C88BA34.jpeg]

To understand the Federal Government of Nigeria’s record revenue collection and record budget claims, look to Aliko Dangote’s wealth according to the Forbes Rich List.

By December 2014, Alhaji Dangote was worth US$25 Billion which in Naira terms (N183/US$1) was N4.575 Trillion.

By December 2018 (4 years later), despite increased investments, Aliko Dangote’s wealth in dollars crashed by almost 60% to US$10.3 Billion, N3.708 Trillion in Naira
(N360/US$1), however a decline of just 16% in Naira from his N4.575 Trillion worth in 2015.

In fact, if he had achieved a total wealth of US$12.708 Billion (N4.575 Trillion at N360/US$1), according to the FGN we should celebrate that Aliko’s 2014 US25 Billion wealth (N4.575 Trillion at N183/US$1) was flat / the same and that anything above that should be considered growth or record growth.

The question then is, was Aliko Dangote better off in 2018? With a decline from US$25 Billion to US$10.3 Billion, the answer is obviously no.

Would Aliko Dangote be square (ignore PPP) if his wealth still had its 2014 N4.575 Trillion worth in 2018? The answer is obviously no.

The 2014 wealth of US$25 Billion in Naira terms of today (N360/US$1) is N9 Trillion. This means that the only way that Aliko’s 2014 Naira wealth of N4.575 Trillion could have the same value today is by an increase of over 100%.

This is the genesis of and perfect analogy for the record budget, record revenue collections narrative.

Once you adjust for devaluation or Purchasing Power Parity, then all you have is underwhelming under-performance and wealth destruction on all fronts. Everywhere you go, everywhere you look.

I hope this makes sense.

Jekwu Ozoemene

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