Top Three Nigerian Billionaires Hit $23.1 billion as One of Them Drops Out

Top Three Nigerian Billionaires Hit $23.1 billion as One of Them Drops Out

  • Aliko Dangote remains the number 1 billionaire in Nigeria, but the richest African has been losing parts of his wealth for years
  • Despite Globacom founder, Mike Adenuga, leading Rabiu Abdulsamad, the latter has been the highest gainer among Nigerian billionaires
  • The only businesswoman to disrupt the billionaire list, Folorunsho Alakija, has dropped out from the index after her net worth declined

There are several billionaires in Nigeria, but mostly in naira, as their number dwindles when their fortune is converted to the United States currency, dollar.

This is the global benchmark for which most billionaires wealth is pegged, that's why the likes of club business owner, Obi Cubana, and bullion van jagaban, Bola Tinubu, are missing from the list.

Nigeria used to boast of four billionaires on the world's and Africa's richest list, but the country's billionaires are gradually losing their wealth, and this is costing them their position among Africa's billionaire community.

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Top Three Nigerian Billionaires, as Only Female Billionaire Drops Out
Folorunsho Alakija, Rabiu Abdulsamad, Mike Adenuga, Aliko Dangote. Photo: STEPHANE DE SAKUTIN/Staff/Getty Images (L), Folorunsho Alakija/Facebook (T-R), Rabiu Abdulusamad/Facebook (B-R), Mike Adenuga
Source: UGC

Below are the only surviving billionaires in Nigeria

Aliko Dangote

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Aliko Dangote remains the richest Nigerian and African in the past century, as his wealth hits $12.3 billion, according to Forbes billionaire list as at August 16, 2021.

Although the billionaire's wealth has declined in the last six years, Dangote was worth $25 billion as at March 2014. Over the years, his wealth dropped between $14.7 billion to $12.3 billion.

Today, the 64-year-old made about $10 million from his business portfolio. His fortune has depended on his cement, flour and sugar business.

The billionaire has been trying to add oil money to his wealth, but the commencement of the operation has experienced series of setback.

Mike Adenuga

At the age of 26-year-old, Mike Adenuga made his first million from sales of lace and distributing soft drinks. At the age of 68, he is now worth $6.3 billion.

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As Dangote's networth dwindles, Adenuga edges closer, but he has also suffered decline in his fortune, as his wealth fell from $10 billion in 2016.

His major streams of revenue has been Globacom, which is the second largest network provider in Nigeria, and the only domestic telecom service.

The 68-year-old businessman also generates income from six oil blocks located in the Niger Delta, which is operated by his company, Conoil - Adenuga is the fifth richest African.

Rabiu Abdulsamad

Rabiu Abdulsamad is the biggest gainer amongst Nigerian billionaires as his fortune has grown over the years when compared to his fellow businessman.

His wealth is now ranked $4.5 billion by Forbes, rising gradually from $1.2 billion in 2014, to $1.6 billion two years later, and $2.9 billion in 2020, before hitting $5.5 billion in January 2021.

But his fortune has dropped to $4.5 billion as at August 16, 2021. This wealth is largely dependent on his company, BUA Cement Plc, where he owns 98.5%.

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Abdulsamad is rated to displace Adenuga on the Nigerian billionaire list with the pace of his fortune's growth. He is currently the sixth richest in Africa.

Folorunsho Alakija

Folorunsho Alakija is the only Nigerian female billionaire on the list... scratch that, she was the only Nigerian female billionaire on the top 20 richest persons in Africa.

Alakija relinquished the position she held on to for years when her total fortune dropped below $1 billion in 2021 - she was on the 20th billionaire in Africa until 2020.

The 70-year-old is the second self-made businesswoman on the list. Alakija began to accumulate her fortune when the late Nigerian First Lady, Maryam Babangida, linked her with a petroleum minister during the military era in 1993.

After several meetings with the government official, Alakija was gifted a oilblock, which she has maintained through Famfa Oil, where she's a vice chair.

The oil exploration company has a stake in Agbami Oilfield, and also partners with Chevron and Petrobras.

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Nigeria's first billion-dollar tech startup

In related news, Legit.ng had reported that Flutterwave became the first Nigerian-owned Tech startup to hit the billion-dollar market valuation this year.

Flutterwave crossed the mark under its co-founder, Iyinoluwa Aboyeji, who later stepped down from the position for another co-founder, Olugbenga Agboola.

Flutterwave joined Jumia on the list of billion-dollar worth startups in Nigeria, after raising about $234.7 million from several foreign and local investors in eleven funding round.

Source: Legit

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