Aliko Dangote, Africa’s richest man, is the biggest loser among Nigeria’s richest people as the Naira’s slump, coupled with falling stock prices, have erased more than $7.8 billion of his fortune since February, when Forbes locked in the values for its annual ranking of the world’s billionaires.

Dangote was worth $25 billion at the time; but at the close of market Tuesday last week, his networth had dropped to  $17.2 billion.

More than half of the drop in his fortune has happened since early November. As of November 7, Dangote was worth $21.6 billion, $4.4 billion more than now.

This is because the last few weeks have been a bit of a disaster for many companies listed on the Nigerian Stock Exchange (NSE).

Several blue-chip stocks such as Dangote Cement, Zenith Bank, Transcorp and United Bank for Africa among several others have hit one-year-lows as a result of the fall in oil prices, a general uncertainty regarding the 2015 general election, Central Bank regulatory headwinds, and weak earnings from large cap companies. These have all contributed towards putting naira-denominated assets including equities at risk.

Speaking on the fall in the networth of stocks, a financial analyst, Ugodre Obi-Chukwu, noted that, “This is whipping up negative market sentiments as foreign and institutional investors such as pension funds who hold equity stakes in companies (due to their large cap and liquidity status) have mostly fled their positions”.

 Obi-Chukwu is also the publisher of Nairametrics <http://nairametrics.com/>, a website that provides analysis and opinion about Nigerian stocks, investing, personal finance and the economy.

Dangote Cement, Africa’s largest manufacturer of cement, has shed close to 40 per cent of its market value between the beginning of November and now.

The company’s stock, which was trading at N215 ($1.15) at the beginning of November, is now valued at N165 (88 cents) as at yesterday.

At the beginning of November, Dangote’s stake in the cement manufacturer was valued at more than $18 billion. It is now valued at $13.2 billion.

Dangote has also lost more than $230 million in paper value within the same period on his stakes in publicly-traded Dangote Sugar, Dangote Flour, and National Salt Company of Nigeria.

Between November (when FORBES published the list of Africa’s 50 richest people and today) Dangote has lost more than $4 billion in his net worth.

After Dangote, the second biggest loser among Nigeria’s ultra-rich is Tony Elumelu, the Chairman of Heirs Holdings, an investment company.

Heirs Holdings, which is wholly-owned by Elumelu, is the controlling shareholder in Transcorp, a publicly-listed conglomerate with interests in power production, hotels and agriculture.

Transcorp’s current market capitalisation is now $700 million, down from $1.4 billion at the beginning of November. Heirs Holdings has lost an estimated $345 million in paper value on Transcorp, and its stake in the company as at yesterday is now worth roughly $400 million, down from $700 million.

Elumelu’s investments in other listed companies like UBA, Africa Prudential PLC and UBA Capital have shed a little over $27 million in value.

Other big losers include Nigerian multi-millionaire banker Jim Ovia, a co-founder of Zenith Bank. The value of his stake in the financial services provider is $240 million as of late yesterday, down from more than $350 million last month. He owns a 9 per cent stake in the bank.