Dangote, Adenuga, Rabiu’s Wealth Plunges By $748m

Dangote, Adenuga, Rabiu’s Wealth Plunges By $748m

The wealth of the three richest men in Nigeria – Aliko Dangote, Mike Adenuga, and Abdulsamad Rabiu- collectively plunged by $749 million on Thursday, May 6, 2021.

Forbes Real-Time Billionaire List as of 2 pm on Thursday showed that the Founder of Dangote Group, Alhaji Aliko Dangote, aged 64 years, saw his total net worth crash by $173 million to $11.3 billion.

The list showed that the wealth of the 68-year-old Chairman of Globacom and Conoil Plc, Mike Adenuga, plunged by $104million or 1.69 percent to $6.1 billion.

According to the list, the wealth of the Founder of BUA Group, Abdulsamad Rabiu, who is 60-years old reduced by $476 million or 9.22 percent to $4.7 billion.

Dangote’s ranking fell to 197th globally from the 191th it had attained last month.

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Adenuga, who is Nigeria’s second-richest person and fifth on the continent, saw his ranking on Forbes also fell to 460th globally from the 440th position.

Rabiu’s Billionaire ranking also fell to 626th globally from the 574th position he attained a month ago.

For the tenth year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth about $12.1 billion, up by $2 billion from last year’s list due to about a 30 percent rise in the share price of Dangote Cement.

Dangote also has an investment in salt and sugar manufacturing with his Crude Oil Refinery, which is expected to be one of the world’s largest oil refineries, slated for completion later this year.

Adenuga who has stakes in telecoms and operates six oil blocs in the Niger Delta made his first million at age 26 selling lace and distributing soft drinks.

The Forbes Billionaires List, which is a ranking of the world’s 500 richest people, had ranked Rabiu as the 574th richest person in the world and the sixth in Africa.

This was after his wealth surged to $4.9 billion from $2.9 billion in 2020.

Rabiu leads a Nigerian conglomerate active in cement production, sugar refining and real estate.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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