Dangote Leads as Forbes Releases Net Worth of Nigerian 4 Richest Men at Christmas
- Aliko Dangote continue to lead the ranking of Nigerian richest on Forbes billionaire list for 2024
- The 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
Legit.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.
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.
Breakdown of Nigerian billionaires' wealth
This is the ranking of Nigerian billionaires in Nigeria and the world.
Aliko Dangote: $11.5 billion (Ranked 198th)
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(Ranked 457th)
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.
Abdulsamad Rabiu: $4.8 billion (Ranked 457th)
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(Ranked 1996th)
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 an investment in First Bank of Nigeria.
3 Nigerians in Forbes list of 50 wealthiest black Americans in 2024
Earlier, Legit.ng reported that Forbes unveiled the 2024 ForbesBLK 50 list, which celebrates the achievements of the wealthiest and most influential Black Americans.
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.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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