Nigeria’s top four billionaires make a meteoric climb on new Forbes list with jaw-dropping riches

• In a stunning 24-hour surge, the fortunes of Nigeria’s billionaires have skyrocketed, catapulting them further up the prestigious Forbes global rankings.
• Aliko Dangote maintains his iron grip as Nigeria’s richest man, while titans like Femi Otedola, Mike Adenuga, and Abdul Samad Rabiu—though listed in no particular order—round out the elite top four.
• However, this dazzling wealth growth hasn’t been without its shadows. The relentless depreciation of the naira has cast a significant impact on the net worth of these financial giants, shaking the foundations of their empires.

In a dazzling display of financial prowess, the combined wealth of Nigeria’s elite billionaires has soared to a staggering $25.7 billion as of Wednesday, August 7, 2024.

This marks a noticeable uptick from the $25.3 billion recorded just a day prior, on August 6, 2024.

Aliko Dangote continues his reign unchallenged, not only as Nigeria’s wealthiest billionaire but also as Africa’s undisputed richest person. According to the Forbes Billionaire Index, as of August 7, Dangote’s fortune has climbed to a colossal $12.4 billion, a slight but significant rise from $12.3 billion. This surge in wealth has rocketed him up the global rankings, leaping four spots from 160th to 156th.

Hot on Dangote’s heels is Mike Adenuga, Nigeria’s second-richest magnate, boasting a formidable net worth of $6.7 billion. In the last 24 hours, Adenuga’s wealth has swelled remarkably, propelling him from the 435th to the 433rd position on the global scale. This notable increase underscores his status as a titan in the telecommunications and oil industries.

Abdul Samad Rabiu, the mastermind behind the BUA Group—a Nigerian conglomerate with interests spanning cement production, sugar refining, and real estate—stands tall as Nigeria’s third-richest individual with a net worth of $5 billion. Rabiu’s empire has earned him the 605th spot among the world’s richest, a testament to his business acumen and relentless drive.

Rounding out this pantheon of Nigerian wealth is Femi Otedola, whose net worth of $1.4 billion secures his place as the country’s fourth-richest man. Otedola’s diverse investments and strategic financial moves have placed him as the 2,177th richest person globally, marking him as a formidable force in the world of business.