Nigerian Tycoons Dangote, Adenuga, Abdulsamad, and Otedola Secure Spots on Forbes Billionaires

Forbes Magazine has unveiled its list of the wealthiest individuals in Nigeria for the year 2024, featuring prominent business moguls Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu, and Femi Otedola, whose combined net worth totals a staggering $26 billion.

The latest edition of the Forbes Real-Time Billionaires, released on Tuesday, highlighted a slight dip of 11.23% in the collective wealth of Nigeria’s top three richest businessmen, amounting to $25.3 billion. This decline contrasts with the $28.5 billion recorded by these tycoons in the previous year.

A breakdown of the figures reveals a marginal decrease in the fortune of Aliko Dangote, from $14.2 billion in 2023 to $13.4 billion in 2024. Similarly, Abdul Samad Rabiu’s wealth dipped to $5.2 billion from $8.2 billion, while Mike Adenuga saw a slight increase from $6.1 billion to $6.7 billion within the span of a year.

Joining the ranks of Nigeria’s billionaire elite is Femi Otedola, with a net worth of $1.4 billion, marking his debut on the prestigious list.

Topping the list at number 144, Aliko Dangote is hailed as Africa’s wealthiest individual and the richest Black man globally. His conglomerate, Dangote Group, stands as one of Nigeria’s largest private-sector employers and the most valuable conglomerate in West Africa.

Mike Adenuga, ranked at number 409, is recognized for his leadership at Globacom, Nigeria’s second-largest telecom operator, and his stakes in the oil exploration firm, Conoil.

Abdul Samad Rabiu, positioned at number 581, is celebrated for his entrepreneurial prowess as the founder and chairman of BUA Group, a Nigerian conglomerate with a focus on manufacturing, infrastructure, and agriculture.

Meanwhile, Femi Otedola, ranked at number 2,152, has made significant contributions to various sectors, including petroleum and gas through Zenon Petroleum and Gas Limited, as well as investments in shipping, real estate, and finance.

Forbes’ World’s Billionaires list for 2024 reveals a record-breaking 2,781 billionaires globally, with a collective net worth of $14.2 trillion. Despite geopolitical tensions and economic uncertainties, the fortunes of the planet’s billionaires continue to soar, underscoring the resilience of global markets.

The magazine noted that the top 20 billionaires alone added a staggering $700 billion to their wealth since 2023, with the United States boasting the highest number of billionaires, followed by China and India.

The 2024 list also welcomed 265 new faces, including notable figures like Todd Graves, the founder of Raising Cane’s fast-food chain, and the three co-founders of the fast-fashion giant Shein.

Forbes clarified that the rankings were based on stock prices and exchange rates as of March 8, 2024, providing a snapshot of wealth in the ever-evolving global economy.

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