Forbes Magazine has said Nigerian billionaire, Mike Adenuga’s net worth increased $2.7 billion to $5.8 billion since December 31, 2015.

Forbes reports that while Adenuga’s net worth has increased since the beginning of 2016, it has dropped significantly since March 2016 when his worth was value at $10 billion.

His worth reportedly reduced due to the devaluation of the naira and reduction in the price of oil.

Adenuga was the only Nigerian billionaire whose net worth increased this year.

Africa’s richest man, Aliko Dangote’s fortune dropped by 32% to $12.4 billion.

Overall, the combined net worths of African billionaires decreased $3.1 billion in 2016.

Azeez