Dangote, 3 Other Nigerian Billionaires’ Wealth Drops to $23.8 Billion in 2024
- Nigeria’s four wealthiest individuals reportedly lost some fortunes in 2024, decreasing $23.8 billion.
- The four billionaires are Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola.
- These billionaires play key roles in essential sectors of Nigeria’s economy, maintaining significant positions on the global wealth list
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The combined net worth of Nigeria’s four richest persons is reportedly at $23.8 billion, down from $24.9 billion at the beginning of 2024.
This is according to data from the Forbes Real-Time Billionaires List.
Source: Facebook
Nigerian billionaires’ loss shows the fluctuating economy
These billionaires play key roles in essential sectors of Nigeria’s economy, maintaining significant positions on the global wealth list.
The Nigerians’ financial worth shows trends in Nigeria’s economy, which shape currency fluctuations, policy changes, and market forces.
According to experts, the oil industry is expected to grow as the Dangote Refinery is predicted to impact Nigeria’s energy industry and Aliko Dangote’s position on the global wealth index.
According to reports, these billionaires leveraged opportunities whilst navigating economic challenges, showing their influence on Nigeria’s financial trajectory.
Their wealth shows the movement in strategic decision-making and economic development in the country.
4 Nigerian billionaires whose wealth dropped
Aliko Dangote: 11.1 billion
Dangote maintains his position as Nigeria and Africa’s wealthiest man, with his fortunes coming primarily from cement production and sales under the Dangote conglomerate.
He is the CEO of the Dangote Group, which owns several businesses, including a sugar refinery, a fertiliser refinery, and the mega Dangote Refinery.
His wealth is projected to grow, with the refinery beginning full production in September 2024.
Mike Adenuga: $6.7 billion
He is ranked as Nigeria’s second-wealthiest individual, with investments in telecommunications and oil.
Globacom, one of Nigeria’s four biggest telecom companies, is a key player in the telco ecosystem across Africa. Adenuga’s oil business also contributes to his net worth.
Abdulsamad Rabiu: $4.5 billion
Known as the Dangote’s primary challenger in the cement industry, Rabiu is Nigeria’s third-richest individual.
He is the chairman of the BUA Group, a conglomerate producing cement, sugar and other household products.
His investments have made the BUA Group a formidable competitor in Nigeria's industrial sector.
Femi Otedola: $1.5 billion
Known for investments in the energy sector, Otedola has also grown his assets and expanded his investments into other profitable areas.
Dangote makes over N3bn in 24 hours
Legit.ng earlier reported that Nigerian billionaire Aliko Dangote climbed higher on the world's billionaire list after opening the new week strong.
According to the Bloomberg Billionaires Index, Dangote made $2.32 million, or N3.90 billion, on Monday, November 25, 2024.
His new wealth helped push him two places to the 66th position in the world's billionaire ranking.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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