Four Nigerians who made Forbes’ Real-Time Billionaires List

Four Nigerians, Aliko Dangote, Abdulsamad Rabiu, Mike Adenuga and Femi Otedola, have secured spots on Forbes’ Real-Time Billionaires List.

According to the ranking released on Saturday, Dangote leads the pack with an estimated net worth of $24.4 billion, placing him at #88 globally.

He remains Africa’s richest man, a title he has held for 14 consecutive years. Dangote first appeared on Forbes’ billionaires list in 2008.

After a brief slip, he reclaimed his spot in 2011 and has since reigned as Africa’s richest man,” Forbes noted.

Dangote’s empire is anchored in cement, sugar, and refining. He owns 85% of Dangote Cement, Africa’s largest cement producer with operations in 10 countries and a production capacity of 48.6 million metric tons annually.

In March 2022, his long-anticipated fertiliser plant began operations, and by early 2024, the Dangote Refinery, one of the world’s largest single-train refineries, started production.

Trailing behind him is Abdulsamad Rabiu, chairman of BUA Group, with a net worth of $7.2 billion at #516. Rabiu’s wealth is anchored in cement, sugar, and food production.

“He set up his own business in 1988 importing iron, steel and chemicals,” Forbes wrote, adding that his holdings in BUA Cement Plc and BUA Foods cement his place among Africa’s top industrialists.

Mike Adenuga, the founder of Globacom and owner of Conoil Producing, ranks #592 with a fortune of $6.3 billion. Forbes credits his success to telecommunications and oil.

“His mobile phone network, Globacom, is the third-largest operator in Nigeria, with more than 17 million subscribers,” the publication said.

Adenuga also holds significant stakes in Conoil and Sterling Financial Holding.

Femi Otedola completes the quartet with $1.5 billion, ranked #2424. The Geregu Power chairman built his fortune in commodities before shifting to the energy sector.

“During 2022 and 2023, Otedola sold down a Geregu stake that was once more than 95% to bring on institutional investors,” Forbes reported, listing the Nigerian government, Afrexim Fund and China’s State Grid Corporation among shareholders.

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