Forbes 2024: Dangote, Adenuga, Rabiu Lead, Otedola Makes Debut

Forbes has released its list of the top richest Nigerians in 2024, featuring prominent figures like Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola.

However, the combined wealth of Nigeria’s top three richest businessmen experienced a slight decline of 11.23% to $25.3 billion compared to the previous year, according to Forbes Real-Time Billionaires released on Tuesday.

Aliko Dangote, the President/Chief Executive of the Dangote Group, retains his position as Africa’s richest man and the richest Black man globally, despite a slight reduction in his fortune from $14.2 billion in 2023 to $13.4 billion in 2024.

Abdul Samad Rabiu, the Chairman of BUA Group, saw a marginal decrease in his wealth to $5.2 billion in 2024 from $8.2 billion in 2023. Meanwhile, Mike Adenuga’s fortune increased from $6.1 billion to $6.7 billion within one year.

Femi Otedola, a notable newcomer to the billionaire list, was listed with a total net worth of $1.4 billion. He is the founder of Zenon Petroleum and Gas Limited and holds investments in various sectors including shipping, real estate, finance, and power generation.

Dangote, ranked at number 144 on the Forbes list, heads one of the largest private-sector employers in Nigeria, the Dangote Group, which is also the most valuable conglomerate in West Africa.

Adenuga, ranked at number 409, is the owner of Globacom, Nigeria’s second-largest telecom operator, and has stakes in the oil exploration firm, Conoil.

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Rabiu, ranked at number 581, is the founder and chairman of BUA Group, a Nigerian conglomerate focusing on manufacturing, infrastructure, and agriculture.

Forbes highlighted that there are now 2,781 individual billionaires globally, with their combined wealth reaching $14.2 trillion, up by $2 trillion from 2023.

The magazine noted that despite global challenges such as war, political unrest, and inflation, the fortunes of billionaires continue to swell, with two-thirds of them worth more than the previous year.

The Forbes list also highlighted Italy’s Andrea Pignataro as the richest individual with an estimated wealth of $27.5 billion.

Notable newcomers include Todd Graves, founder of the Raising Cane’s fast-food chain, and the cofounders of fast-fashion giant Shein, among others.

The list was compiled using stock prices and exchange rates from March 8, 2024, providing a snapshot of wealth in the given period.