Please you can share any reasons you think might has been the cause since I’m still not convinced that the bad state of the economy cause this said billionaire to go broke
I don't know if the story you just told is true and if you know any such billionaire, but first, in what currency was this person a billionaire. One can be a billionaire in certain currencies, but still not be considered so wealthy if we compare it with currencies like the U.S. dollar, GBP, Euro, etc.
That being said, billionaires do not keep their money in fiat, the keep it in different investments/assets, they diversify, and most of these assets will be priced in the USD. The chances that all of their assets and businesses will fail or collapse all at once is very slim and so it makes it hard for what you say to happen.
There are wealthy people whom their identity are hidden. I mean they choose to not be on social media or being talked about in the internet. Now here the thing, been doing my findings to who this man lose all his fortunes. I found out that he was in to drug business. Now of all the Legit business he could think of was opening hotels in every community in both his location government area and neighboring cities too. He was duped of almost a billion Naira deal by another gang.
Now he has to pay back the money of those who he promised to deliver drug to. So he was left with no other choice but to sell off his business to pay back. Now he has to live on the little he hard left until he was left with nothing. This is the information I got. But then I’m still making more findings and will keep you updated.