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April 3, 2024
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Dangote, Adenuga, Abdulsamad, Otedola on Forbes list, $26bn wealth

Forbes, the renowned financial publication, has unveiled its latest ranking of the wealthiest individuals in Nigeria for the year 2024, highlighting the prominent presence of Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola.

The collective wealth of Nigeria’s top three richest magnates experienced a slight decline of 11.23 percent, amounting to $25.3 billion, as reported by the Forbes Real-Time Billionaires release on Tuesday. A closer look reveals that this decrease amounted to $3.2 billion from the previous year’s sum of $28.5 billion.

At the forefront of this ranking are Aliko Dangote, the President/Chief Executive of the Dangote Group; Abdul Samad Rabiu, the Chairman of BUA Group; and Mike Adenuga, the chairman of Globacom. Dangote’s fortune saw a modest reduction from $14.2 billion in 2023 to $13.4 billion in 2024. Similarly, Rabiu’s wealth decreased marginally to $5.2 billion from $8.2 billion in the previous year. Conversely, Adenuga’s net worth experienced a slight uptick from $6.1 billion to $6.7 billion within the span of one year.

Adding to the roster of billionaires is Femi Otedola, who emerged as a newcomer with a total net worth of $1.4 billion.

Dangote, securing the 144th position on the Forbes list, maintains his status as the richest man in Africa and the wealthiest Black man globally. His conglomerate, the Dangote Group, stands as one of Nigeria’s largest private-sector employers and the most valuable conglomerate in West Africa.

Adenuga, positioned at number 409 on the Forbes list, is renowned as a Nigerian billionaire with investments spanning telecommunications, notably through Globacom, Nigeria’s second-largest telecom operator, as well as ventures in oil exploration through Conoil.

Rabiu, ranked at number 581, is recognized as a Nigerian billionaire and philanthropist, credited as the founder and chairman of BUA Group, a conglomerate specializing in manufacturing, infrastructure, and agriculture, with a revenue exceeding $2.5 billion.

Otedola, listed at number 2,152, boasts a diverse portfolio of businesses across sectors such as petroleum, shipping, real estate, finance, and power generation.

Forbes also provides insights into the global billionaire landscape, noting a record-breaking count of 2,781 billionaires worldwide, with their combined wealth reaching $14.2 trillion. The publication highlights the resilience of billionaire fortunes amidst global economic uncertainties, attributing much of the gains to the top 20 billionaires, particularly in the United States and China. Notable newcomers to the list include individuals from various industries, showcasing the dynamic nature of wealth creation on a global scale.

Forbes compiles its “World’s Billionaires list” using stock prices and exchange rates from March 8, 2024, offering a snapshot of global wealth distribution and economic trends.

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