The year 2024 is ending differently for Nigeria’s richest men, whose wealth was affected by economic challengesAliko Dangote was able to brace the challenges and led the wealth table for Nigerians after successfully completing his refineryOther billionaires, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola, all experience different fortunes in 2024
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.
The wealth of Nigerian billionaires witnessed fluctuations all through 2024, with Aliko Dangote once again ending the year at the top.
According to the latest Forbes Billionaires list, Dangote, Abdulsamad Rabiu, Mike Adenuga, and Femi Otedola collectively ended 2024 with $24.4 billion.
Aliko Dangote, Rabiu Abdulasamad, Mike Adenuga and Femi Otedola wealth changes
Photo credit: Bloomberg/contributor
Source: Getty Images
Nigerian billionaire net worth in 2024
An analysis of the Forbes billionaires list revealed that the wealth of all Nigerian billionaires increased, except for Abdulsamad Rabiu.
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Aliko Dangote- $11.1 billion
Aliko Dangote’s net worth grew by $800 million during the year, closing at $11.1 billion.
Africa’s richest man began the year with $10.3 billion, but the completion of his refinery significantly boosted his wealth.
Dangote also holds substantial investments in the cement and sugar industries.
Mike Adenuga – $6.8 billion
Mike Adenuga, the telecommunications and oil magnate, recorded the highest increase among Nigeria’s richest men in 2024.
According to Forbes, Adenuga’s wealth doubled during the year, rising by $3.4 billion to close at $6.8 billion.
As of January 1, the Globacom chairman’s net worth stood at $3.4 billion.
Abdulsamad Rabiu – $4.9 billion
Abdulsamad Rabiu, chairman of BUA Group, saw his net worth drop significantly, ending the year at $4.9 billion, down from $6.4 billion in January 2024.
While his wealth dropped, Rabiu’s cement and sugar businesses contributed significantly to Nigeria’s industrial sector, reinforcing his status as one of the nation’s top billionaires.
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Femi Otedola – $1.6 billion
2024 was a remarkable year for Femi Otedola as he reentered the billionaire rankings.
Forbes data shows that Otedola ended the year with a net worth of $1.6 billion.
A serial investor and Nigeria’s fourth-richest man, his investments span energy, power, banking, and more. His stake in Geregu Power has paid off significantly, boosting his position in the global billionaire rankings.
Otedola also serves as the chairman of the leading banking group, FBN Holdings.
Globally 10 richest men
Here are the top richest men in the billionaire rankings in the world in 2024, according to Forbes:
Elon Musk: $427.7 billionJeff Bezos: $235.0 billionLarry Ellison: $210.4 billionMark Zuckerberg: $204.5 billionBernard Arnault & family: $168.8 billionLarry Page: $157.4 billionSergey Brin: $150.2 billionWarren Buffett: $141.1 billionSteve Ballmer: $124.8 billionJensen Huang: $118.5 billion
Nigerians make list of 10 richest black people
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Ealier, Henzodaily.ng reported that three Nigerians have made the list of the top 10 richest black people globally, with Dangote toppled from the list
The list includes Oprah Winfrey, musician Jay Z, and other high-net-worth black people of African descent.
The network of black billionaires reflects the global financial system as fortunes rise and fall due to market dynamics
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Source: Henzodaily.ng