Four Nigerians, Dangote, Adenuga, Rabiu and Otedola make Forbes Billionaires List

Four notable Nigerians made Forbes list of richest men in the world. These are Aliko Dangote, Mike Adenuga, Abdulsamad and Femi Otedola. Forbes’ World’s Billionaires list encompasses individuals worldwide with a net worth of $1 billion US dollars or more, as of March 8, 2024. See the list of the four Nigerian billionaires and their rankings below.

The esteemed chairman of the renowned Dangote Group, has secured the 129th position on the prestigious Forbes’ World’s Billionaires list. With an impressive net worth of $15.0 billion, he solidifies his status as Africa’s wealthiest individual and a prominent figure in the global business arena.

Accompanying Dangote on this illustrious list are other notable Nigerian business magnates. Mike Adenuga, the chairman of Globacom, holds the 407th spot with a net worth of $6.9 billion. Following closely are Abdulsamad Rabiu of the BUA Group and Femi Otedola, with net worths of $6.3 billion and $1.7 billion respectively, securing positions 462 and 1906 on the list.

Dangote continues to maintain his position as Africa’s richest man, with a net worth of $13.4 billion as of April 2, 2024. Adenuga follows closely with a net worth of $6.7 billion. Rabiu and Otedola, according to the latest report, possess net worths of $5.2 billion and $1.7 billion respectively.

Aliko Dangote, Africa’s wealthiest individual, is the founder and chairman of Dangote Cement, the largest cement producer on the continent. He owns 85 percent of the publicly-traded cement firm through a holding company, as stated by Forbes.

Dangote Cement boasts an annual production capacity of 48.6 million metric tons and operates in 10 countries across Africa, as mentioned in the release. Additionally, Dangote’s fertilizer plant in Nigeria commenced operations in March 2022, while the Dangote Refinery is gradually scaling up its petroleum refining operations in 2024. As the 144th richest billionaire globally, the 66-year-old businessman holds a Bachelor of Arts/Science degree from Al-Azhar University.

According to Forbes, as of yesterday, Mike Adenuga, aged 70, is Nigeria’s second richest individual, having amassed his fortune in telecommunications and oil production. He currently ranks as the 409th richest person globally.

Adenuga’s mobile phone network, Globacom, is among the top three operators in Nigeria, boasting over 60 million subscribers, as reported by Forbes. Additionally, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta region. Globacom is also responsible for constructing Glo-1, a 6,100-mile-long submarine Internet cable connecting Nigeria to the UK through Ghana and Portugal.

Rabiu, the 63-year-old founder of BUA Group, a Nigerian conglomerate involved in cement production, sugar refining, and real estate, has been ranked as Nigeria’s third wealthiest individual by Forbes. His combined company, BUA Cement Plc, is listed on the Nigerian stock exchange, with Rabiu owning 98.2 percent of it. Furthermore, he holds a 95 percent stake in the publicly traded food conglomerate BUA Foods.

Otedola, a 61-year-old Nigerian billionaire, initially amassed his wealth through commodities trading before divesting his shares in Forte Oil to focus on the energy sector, according to Forbes. He currently serves as the chairman of Geregu Power, a power generation company. Otedola has diversified his investments by owning properties in Lagos, Dubai, London, and Monaco, as well as holding shares in Zenith Bank and First Bank of Nigeria (FBN) Holdings. He is ranked at number 2,152 in the global billionaires list.