Data shows Nigeria's Top 3 Richest Men Make Over N430bn Every Day in January 2024

Data shows Nigeria's Top 3 Richest Men Make Over N430bn Every Day in January 2024

  • Nigeria's top three billionaires saw their combined net worth increase significantly in the first month of 2024
  • As expected, Aliko Dangote came out top, followed by Abdulsamad Rabiu, and Mike Adenuga
  • Dangote remains unchallenged in Nigeria and Africa, but other Nigerian billionaires also enjoyed an exciting January journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

Nigerian billionaires Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga increased their combined wealth by $15.1 billion (about N13.53 trillion)in January 2024.

Nigerian billionaires
Nigerian billionaires' net worth increased significantly in Jan 2024 Photo credit: Dangote
Source: Facebook

Based on's analysis, the three Nigerian billionaires' collective wealth grew by over N436 billion daily throughout the 31 days of January.

Aliko Dangote

The standout performer of January was Aliko Dangote, the founder and chairman of Dangote Industries Plc, who saw his wealth reach near-record highs courtesy of the outstanding performance of his cement company on the Nigerian Exchange.

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According to Forbes billionaires index data, Dangote's net worth soared in January 2024, closing at $19.6 billion from an initial net worth of $10.3 billion.

This means that in the 31 days of January, the wealth of Nigeria's richest man increased by a whopping $9.3 billion (N8.33 trillion), equivalent to approximately N268.9 billion every day.

Abdulsamad Rabiu

For Rabiu, the founder of BUA Group, January was a topsy-turvy month that ended very strongly.

During the month, observed that Rabiu temporarily lost his position as the second richest man in Nigeria before bouncing back.

He, however, concluded the month with a net worth of $8.5 billion, compared to $6.4 billion as of January 1, 2024.

This indicates that Rabiu's wealth grew by $2.1 billion (N1.88 trillion) in the 31 days of January, translating to approximately N60.73 billion daily.

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Mike Adenuga

Adenuga, the chairman of Globacom, recorded an increase in wealth to $7.1 billion in January, up from $3.4 billion at the beginning of the month.

This means that Adenuga's net worth increased by $3.7 billion (N3.31 trillion) in January 2024, which can be attributed to the market reevaluation of Globacom and the performance of its investments on the Nigerian Exchange.

Femi Otedola becomes Nigeria's 4th richest man also reported that Femi Otedola was ranked the 4th richest man in Nigeria amid bullish Nigerian stock performance.

According to the latest update of the Forbes Billionaire Index, Otedola has a net worth of $1.2 billion after making over $6 million on Thursday, January 11, 2024.

His new net worth placed him as the 2,353 richest man in the world.


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