Dangote, Adenuga Are N864bn Poorer Than a Year Ago but Are Still the Richest Men in Nigeria

Dangote, Adenuga Are N864bn Poorer Than a Year Ago but Are Still the Richest Men in Nigeria

  • Aliko Dangote and Mike Adenuga have lost a huge part of their wealth since the beginning of the year 2022
  • While the two billionaires remain the richest in the world, their wealth drop has seen Abdulsamad Rabiu close in
  • Forbes reports that over N864 billion of the two richest billionaires in Nigerian wealth has been wiped out

Aliko Dangote and Mike Adenuga, two of Nigeria's wealthiest billionaires, are not having the greatest of times in 2022, as over $2 billion (N864 billion) of their total wealth has gone before their eyes.

According to Forbes, Dangote, Africa's wealthiest man, lost $1.1 billion (N476.74 billion) between October 6, 2021, and October 6, 2022.

Forbes also revealed that Dangote's present total net worth is $12.5 billion, lower than $13.6 billion in 2022.

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Dangote, Adenuga loses over N800 billion in one year
Wealth movement of Mike Adenuga Credit: forbes
Source: Facebook

For Mike Adenuga, his wealth dropped from $6.5 billion in October 2021 to $5.6 billion on Thursday, October 6, 2022.

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This implies he has lost $900 million (N390.06 billion) in the last year.

Abdulsamad Rabiu is the only billionaire among the top three richest Nigerians to have had a successful year, with his fortune increasing to $5.3 billion from $4.4 billion in October 2021.

Forbes also captured the list of billionaires in the world getting poorer in 2022.

Sources of wealth Dangote and Adenuga

Dangote founded and chairs Dangote Cement, the continent's largest cement producer. He owns 85% of publicly-traded Dangote Cement through a holding company.

His cement firm, which has a capacity of 48.6 million metric tons per year and operates in 10 African nations, remains a key source of his wealth.

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He also has many investment interests, including oil, sugar, and fertilizer.


Mike Adenuga, Nigeria's second richest man, makes his fortune mainly from telecom and oil production.

His mobile phone network, Globacom, is the third largest operator in Nigeria, with 55 million subscribers.

His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.

Dangote, Rabiu companies dominate the list of most valuable manufacturing companies

Legit.ng had earlier reported that Dangote cement and BUA cement are Nigeria's two most valuable listed manufacturing companies.

BUA foods, another company, owned by Abdulsamad, sat in the third position, while Nestle Nigeria completed the list of top four valuable manufacturing companies.

The ranking of the banks is according to data from the Nigerian Exchange Group (NGX).

Source: Legit.ng

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