Renowned Nigerian billionaire and telecoms magnate Dr. Mike Adenuga has officially lost his long-held position as the second richest man in Nigeria, according to a new ranking by the Forbes Real-Time Billionaires Index.
The billionaire now sits behind Abdul Samad Rabiu, founder and chairman of the BUA Group, who reclaimed the second position after a sharp increase in his net worth.
Rabiu’s fortune jumped by $365 million in a single day, boosting his estimated wealth to $6.3 billion and positioning him at 572nd on the global billionaire chart—six places ahead of Adenuga, who currently ranks 578th.
The updated figures reflect real-time data tracked by Forbes, which recalculates billionaires’ net worths based on daily market activity, share price fluctuations, and currency valuation. Rabiu’s resurgence comes after strong investor interest and performance in BUA Cement and BUA Foods, both key pillars of his growing empire.
Adenuga, known for his telecom company Globacom and oil firm Conoil, has experienced a steadier valuation in recent months. His assets, while still substantial, have not recorded the rapid growth seen in Rabiu’s industrial ventures, which helped push the latter ahead in the national rankings.
Aliko Dangote, founder of Dangote Group, remains Nigeria’s richest individual with a net worth of approximately $24.5 billion, despite a slight $48 million drop in the most recent update.
This shift in Nigeria’s billionaire rankings is significant, as Rabiu’s return to the number two spot underscores the rising economic clout of the manufacturing and consumer goods sectors in Africa’s largest economy. Industry analysts have noted Rabiu’s strategic moves in diversifying and expanding his business footprint as key to his growing financial stature.
Meanwhile, Mike Adenuga’s dip marks a rare moment in his decades-long dominance in Nigeria’s business elite—a reminder that even among billionaires, fortunes can shift with the markets.
As Nigeria’s economic landscape continues to evolve, the battle among its top tycoons highlights both the volatility and competitiveness of elite wealth in the country.
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