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.
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.
This is the ranking of Nigerian billionaires in Nigeria and the world.
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, 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 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 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.
Earlier, TimesNow.com.ng reported that Forbes unveiled the 2024 ForbesBLK 50 list, which celebrates the achievements of the wealthiest and most influential Black Americans.
