Aliko Dangote continue to lead the ranking of Nigerian richest on Forbes billionaire list for 2024The list includes Abdul Samad Rabiu of BUA Group of companies and Mike Adenuga, founder of Globacom,Femi Otedola is the fourth wealthiest man and has investments in oil and gas, power sector and also banking
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
According to Forbes, the four wealthiest men in Nigeria have a combined wealth of $24.7 billion as of December 25, 2024.
Nigerian billionaire and industrialist Aliko Dangote retained his position as the richest man in Nigeria at Christmas.
Four of Nigerian billionaires continue to grow wealth
Photo credit: Bloomberg/contributor
Source: Facebook
The ranking also includes three other Nigerian billionaires. Abdul Samad Rabiu is the second richest, while Mike Adenuga comes third.
Femi Otedola is the fourth richest man in Nigeria based on Forbes net worth.
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Here is a breakdown of Nigerian billionaires’ wealth
This is the ranking of Nigerian billionaires in Nigeria and the world.
Aliko Dangote: $11.5 billion
Dangote, as expected, is Nigeria’s richest man and the wealthiest in Africa, with a net worth of $11.5 billion.
His sources of wealth include Dangote Cement, the continent’s largest cement producer, in which he holds over an 85% stake.
Other major investments include Dangote’s fertiliser plant in Nigeria, which began operations in March 2022, and the Dangote Refinery.
Dangote’s wealth also comes from diverse sources, including banking, oil and gas, and sugar.
Mike Adenuga: $6.8 billion
Mike Adenuga, Nigeria’s second richest man, built his fortune in telecommunications and oil production.
His mobile phone network, Globacom, is the second-largest operator in Nigeria, with more than 60 million subscribers.
His oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta.
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Abdulsamad Rabiu: $4.8 billion
Abdulsamad Rabiu founded BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.
Rabiu’s cement company, BUA Cement Plc, is another source of wealth.
Femi Otedola: $1.6 billion
Femi Otedola is a Nigeria billionaire who made his first fortune in commodities before selling his shares in Forte Oil to invest in the energy business.
Otedola is chairman of Geregu Power, a power generation business, and owns more than 70% of the shares.
During 2022 and 2023, Otedola sold down a Geregu stake that was once more than 95% to bring on institutional investors.
He also has investment in First Bank of Nigeria.
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The new ranking highlights leadership across diverse industries, innovation, and societal impact while emphasising economic worth as a key metric.
The honorees include three Nigerians, Adebayo Ogunlesi, Tope Awotona, and Wemimo Abbey, who were recognised for their entrepreneurial achievements.
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Source: Henzodaily.ng