Forbes has identified Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola as the wealthiest individuals in Nigeria in 2024.
However, there has been a slight decrease in the combined wealth of Nigeria’s top three richest businessmen, amounting to 11.23 per cent, totalling $25.3 billion, as reported by Forbes Real-Time Billionaires on Tuesday.
The trio leading the list includes Aliko Dangote, the President/Chief Executive of Dangote Group; Abdul Samad Rabiu, Chairman of BUA Group; and Mike Adenuga, the head of Globacom.
This decline marks a $3.2 billion decrease from the $28.5 billion recorded by these business tycoons in 2023.A closer look reveals that the wealth of Dangote, founder of the Dangote Group, saw a slight decrease from $14.2 billion in 2023 to $13.4 billion in 2024.
Similarly, the fortune of Abdul Samad Rabiu, chairman of BUA Group, decreased marginally to $5.2 billion in 2024 from $8.2 billion in 2023, while Adenuga’s wealth increased from $6.1 billion to $6.7 billion within a year.
Additionally, Femi Otedola, a Nigerian business magnate, has been newly listed as a billionaire with a total net worth of $1.4 billion.
On the list, Dangote holds the 144th position and is recognized as the wealthiest individual in Africa and the richest Black person globally.
His business conglomerate, Dangote Group, stands as one of Nigeria’s largest private-sector employers and the most valuable conglomerate in West Africa.Adenuga, ranked at 409th on the Forbes list, is a Nigerian billionaire entrepreneur.
His company, Globacom, serves as Nigeria’s second-largest telecom operator and also operates in Ghana and Benin Republic.
Additionally, he holds stakes in the oil exploration firm Conoil, with Forbes estimating his net worth at $6.7 billion in 2024.
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Rabiu, a Nigerian billionaire businessman and philanthropist, is the founder and chairman of BUA Group. This Nigerian conglomerate focuses on manufacturing, infrastructure, and agriculture, generating revenue exceeding $2.5 billion.
He was ranked 581st on the Forbes list.Meanwhile, Otedola is a Nigerian businessman and philanthropist, currently serving as the executive chairman of Geregu Power Plc.
Forbes said, “There are now more billionaires than ever: 2,781 in all, 141 more than last year and 26 more than the record set in 2021. They’re richer than ever, worth $14.2tn in aggregate, up by $2tn from 2023 and $1.1tn above the previous record, also set in 2021. Two-thirds of the list’s members are worth more than a year ago; only one-fourth are poorer.
“Much of the gains come from the top 20, who added a combined $700bn in wealth since 2023, and from the U.S., which now boasts a record 813 billionaires worth a combined $5.7tn. China remains second, with 473 (including Hong Kong) worth $1.7tn, despite weak consumer spending and a real estate bust that helped wipe out $200bn in wealth and knocked 89 billionaires from the ranks. India, which has 200 billionaires (also a record), ranks third.”
“In all, 265 fresh faces are new to the World’s Billionaires. The richest of all is Italy’s Andrea Pignataro, a former Salomon Brothers bond trader behind financial software firm ION Group. He’s worth an estimated $27.5bn.”
According to th magazine, other notable newcomers include the founder of the Raising Cane’s fast-food chain Todd Graves ($9.1bn); Maggie Gu, Molly Miao and Ren Xiaoqing ($4.2bn each); three cofounders of fast-fashion giant Shein; iconic high-heel designer Christian Louboutin ($1.2bn); and Elon Musk pal, and Tesla and SpaceX investor, Antonio Gracias ($1.1bn).
It stated that its “World’s Billionaires list” was a snapshot of wealth using stock prices and exchange rates from March 8, 2024.
