Dangote Leads 5 Nigerians to Make It Into Forbes Rich List and Their Highest Net Worth

Dangote Leads 5 Nigerians to Make It Into Forbes Rich List and Their Highest Net Worth

Over the years, prominent Nigerian billionaires have been featured in the Forbes list of the wealthiest people worldwide.

Currently, the list only includes three Nigerian billionaires, but Forbes has recognised five.

As expected, Nigerian industrialist Aliko Dangote leads the list and has been the highest-ranked individual, not just in Nigeria but in the whole of Africa, for the last ten years.

Other Nigerian billionaires that have been recognised include Mike Adenuga, Abdulsamad Rabiu, Folorunsho Alakija and Femi Otedola.

Billionaires and their highest net worth

Here is a breakdown of the billionaires and their highest net worth as captured by Statisense.

Aliko Dangote
Dangote is the richest man in Africa, Nigeria Photo credit: Bloomberg
Source: Getty Images

Aliko Dangote ($25bn)

Aliko Dangote founded and chairs Dangote Cement, the biggest cement-producing company in Africa.

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Most of Dangote's wealth comes from his shareholdings in his cement company, where he owns 85% directly and indirectly.

Other investments include Dangote's fertiliser plant and the newly constructed Dangote Refinery in Lagos.

As of today, November 4, 2023, Forbes reports that Dangote remains Africa's wealthiest, with a net worth of $10.7 billion.

However, this is lower than his highest of $25 billion achieved in 2014.

Mike Adenuga ($10bn)

Mike Adenuga
Mike Adenuga is the 3rd richest man in Nigeria in 2023. Photo credit: Forbes
Source: UGC

Mike Adenuja is currently the third richest man in Nigeria, with a net worth of $3.3bn as of Saturday, November 4, 2023, Forbes data shows.

Adenuga built his fortune from telecommunication oil production and investment in the banking sector.

As of 2014, Adenuga was ranked as the second richest man in Nigeria, with a net worth of $10 billion.

Abdulsamad Rabiu ($6.9bn)

Rabiu Abdulsamad
Rabiu's wealth is one of the fastest growing in 2023 Photo credit: Bloomberg
Source: Facebook

Abdulsamad Rabiu founded BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.

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Rabiu's highest net worth was $6.9 billion, achieved in 2022 to become the second richest man in Nigeria.

Forbes reports that Rabiu's net worth as of Saturday, November 4, 2023, is $6.7 billion.

Folorunsho Alakija ($2.5bn)

Folorunsho Alakija
Folorunsho Alakija is a Nigerian businesswoman and philanthropist. Photo credit: @alakija
Source: Depositphotos

Folorunsho Alakija is the only Nigerian woman to have made it into the Forbes billionaire ranking.

At one point, she was ranked as the wealthiest woman in Africa. Alakija made her fortune from oil and gas and is currently the vice-chair of Famfa Oil, a Nigerian oil exploration company with a stake in the Agbami Oilfield, a prolific offshore asset.

Alakija's journey to wealth started with a fashion label whose customers included the wife of former Nigerian president Ibrahim Babangida.

Data shows that Alakija's highest ranking on Forbes was in 2014, with a net worth of $2.5 billion.

Femi Otedola ($1.8bn)

Femi Otedola
Otedola is a charismatic billionaire Photo credit: Forte
Source: UGC

Femi Otedola of Nigeria is one of Nigeria's charismatic billionaires and has been described by many as a serial investor.

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He amassed his wealth from the oil and gas industry and controls Geregu Power Plc, a power generation company.

Otedola also has an investment in FBN Holdings Plc, the parent company of First Bank, where he is currently recognised as the largest single shareholder.

According to Forbes data, Otedola achieved his highest net worth of $1.8 billion in 2016.

Dangote, Rabiu move up in global ranking, Adenuga stays 3rd

Legit.ng earlier reported that Africa's richest men, Dangote and Rabiu, experienced a substantial boost in their net worth.

Forbes shows that the two wealthiest men in Nigeria added $500 million (about N384.75 billion) to their net worth within a week, propelling them further up the global wealth ranking.

Source: Legit.ng

Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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