World

4 Nigerian billionaires whose wealth are drawn from production, telecom and oil industries

Tuesday, November 24, 2020 at 4:32 PM by Joseph Omotayo

- According to the 2020 Forbes list, there are only four billionaires in dollars in Africa

- Common to their sources of fortune is that they are in the production and oil industries

- Out of all the four billionaires, Aliko Dangote is both the richest black man and wealthiest in Nigeria

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While Nigeria is home to amazing business-minded people, not many are billionaires in dollars and by Forbes standard.

Only four Nigerians out of the pool of affluent people in the country made the 2020 Forbes billionaire list and they are Aliko Dangote, Mike Adenuga, Folorunsho Alakija, and Abdulsamad Rabiu.

It should, however, be noted that the figures in this article may not be the current wealth of the people mentioned as there have been great changes in world economies and personal wealth since the list was first released months ago.

1. Aliko Dangote - $10.1bn (N3,850,120,000,000)

The Nigerian billionaire remained on the list this year as the world’s black wealthiest person. His fortune comes from his Dangote Group which manufactures household items like spaghetti, sugar, salt. He is most known for his cement company.

2. Mike Adenuga - $7.7bn (N2,935,240,000,000)

The CEO of the Nigerian telecommunication company, Globacom came second on the list of billionaires in the country. He, however, is number three among rich Africans.

A collage showing Aliko Dangote, Folorunsho Alakija, Abdulsalam Rabiu, and Mike Adenuga.
Photos sources: Wei Leng Tay, Forbes, Entrepreneurs NG — A collage showing Aliko Dangote, Folorunsho Alakija, Abdulsalam Rabiu, and Mike Adenuga. Photos sources: Wei Leng Tay, Forbes, Entrepreneurs NG
Source: Getty Images

3. Abdulsamad Rabiu - $3.13bn (N1,193,156,000,000)

The chairman of BUA Group is third in Nigeria but ranks eighth on the continent. His group of companies is also in the production of cement, sugar, and real estate. He is from Kano and 60-years-old.

4. Folorunsho Alakija - $1bn (N381,200,000,000)

She is the 20th billionaire in Africa and fourth in Nigeria. Her wealth comes from her company, Famfa Oil. Folorunsho Alakija is also a philanthropist. Her oil company has shares in Agbami Oilfield, a very popular offshore company. Chevron and Petrobras are some of the partners of Famfa Oil.