Dangote, Adenuga, Abdulsamad, Otedola Feature on Forbes List with $26bn

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Forbes has unveiled its roster of the wealthiest Nigerians in 2024, featuring notable figures such as Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola.

The combined wealth of Nigeria’s top three richest individuals experienced a slight dip by 11.23%, totaling $25.3bn, as per the Forbes Real-Time Billionaires report released on Tuesday.

Leading the pack are Aliko Dangote, President/CEO of the Dangote Group; Abdul Samad Rabiu, Chairman of BUA Group; and Mike Adenuga, the head of Globacom.

Dangote’s net worth slightly decreased from $14.2bn in 2023 to $13.4bn, while Rabiu’s fortune saw a marginal decline to $5.2bn in 2024 from $8.2bn the previous year. Adenuga, however, witnessed an increase in wealth from $6.1bn to $6.7bn within the same period.

Notably, Femi Otedola emerged as a newcomer to the billionaire list with a net worth of $1.4bn.

Aliko Dangote, ranked at number 144, holds the title of the richest man in Africa and the wealthiest Black individual globally. His conglomerate, Dangote Group, stands as one of the largest private-sector employers in Nigeria and the most valuable conglomerate in West Africa.

Ranked at number 409, Mike Adenuga is a Nigerian billionaire known for his telecom company, Globacom, Nigeria’s second-largest operator, with operations extending to Ghana and Benin Republic. Additionally, he holds stakes in the oil exploration firm, Conoil.

Abdulsamad Rabiu, ranked at number 581, is the founder and chairman of BUA Group, a Nigerian conglomerate focusing on manufacturing, infrastructure, and agriculture, generating revenue exceeding $2.5bn.

Femi Otedola, ranked at number 2,152, boasts a net worth of $1.4bn. He is the founder of Zenon Petroleum and Gas Limited and has diversified his investments across various sectors, including shipping, real estate, finance, and power generation.

Forbes reported a record number of billionaires globally, totaling 2,781 individuals, with a collective wealth of $14.2tn. This year witnessed a surge in billionaire fortunes despite global challenges such as war, political unrest, and inflation.

The magazine highlighted notable newcomers to the billionaire club, including Todd Graves, founder of Raising Cane’s fast-food chain, and the three co-founders of fast-fashion giant Shein. Additionally, the list featured iconic figures such as high-heel designer Christian Louboutin and investor Antonio Gracias, known for his association with Elon Musk’s Tesla and SpaceX.

Forbes emphasized that the “World’s Billionaires list” provides a snapshot of wealth using stock prices and exchange rates as of March 8, 2024.

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