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Rabiu Close to Becoming Second Richest Man in Nigeria As Mike Adenuga’s Wealth Drops Massively
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Rabiu Close to Becoming Second Richest Man in Nigeria As Mike Adenuga’s Wealth Drops Massively

by  Dave Ibemere 2 min read
  • Abdulsamad Rabiu's wealth is now closing in on Mike Adenuga, the second richest man in Nigeria
  • Since the beginning of the year, Adenuga has watched his wealth drop massively by over N210 billion
  • Aliko Dangote remains Nigeria's richest and now at a distance, and it looks like it won't change anytime soon

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Currently, the ranking of Nigeria's richest man stands at Aliko Dangote in number one, followed by Mike Adenuga and Abdulsamad Rabiu.

But this could change in the coming months judging by the massive drop in Mike Adenuga's wealth.

According to Forbes, billionaire tracker, Adenuga, as of Monday, 22 August 2022, is worth $6.1 billion.

Rabiu closes in Mike Adenuga wealth
Wealth history of Mike Adenuga Credit: Forbes
Source: Facebook

This is a staggering $500 million (N210.45 billion) reduction from the $6.6 billion he was worth at the start of the year.

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On the other hand, Rabiu's fortune has grown, and he has earned more than $1.2 billion  (a whopping N505.08bn) since January.

According to Forbes, the Kano business magnate has a net worth of $5.6 billion as of Monday, August 22nd, up from $4.4 billion on January 1, 2022.

The gap between Adenuga and Rabiu is now only five hundred million dollars($500m) compared to the $2.2 billion it was in January 2022.

Breakdown of Adenuga and Rabiu's wealth

Adenuga's major sources of wealth include telecom and oil.

His mobile phone network, Globacom, is the third largest operator in Nigeria, with over 55 million subscribers.

Adenuga oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.

For Rabiu, growing wealth is majorly from his BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.

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94-year-old Chinese man emerges world’s richest real estate agent

Some of his companies are one the most valuable on the Nigerian exchange.

Dangote kicks off August with a big smile

Meanwhile, in another report, Aliko Dangote has dropped down in world billionaire rich list after ranking so high in May

The Month of July was a tough one for Dangote as he saw his wealth slashed by almost $1 billion

Despite the drop, Dangote on Monday made over N7bn to kick off the month of August.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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