Four prominent Nigerian business moguls have once again secured places on Forbes’ Real-Time Billionaires ranking, showcasing the country’s concentration of wealth in a few key industries.
Leading the pack is Africa’s richest man, Aliko Dangote, whose net worth is estimated at $24.4 billion, placing him at number 88 globally.
His fortune, which spans cement, sugar, and a large-scale petroleum refinery launched in 2023, dwarfs that of his fellow countrymen.
Following Dangote is industrialist Abdulsamad Rabiu, valued at $7.2 billion and ranked 516th. Next is Mike Adenuga, telecom and oil magnate, with a net worth of $6.3 billion at position 592.
Completing the group is billionaire investor Femi Otedola, whose wealth stands at $1.5 billion, ranking 2,424th worldwide.
“Dangote’s fortune is more than three times Rabiu’s, nearly four times Adenuga’s, and over 16 times Otedola’s, underlining his dominance in Africa’s wealth hierarchy,” the report noted.
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Dangote, who first appeared on Forbes’ billionaire list in 2008, briefly fell off before returning in 2011. He has maintained his title as Africa’s richest man for 14 straight years.
Rabiu’s investments in cement and sugar continue to strengthen his financial standing, while Adenuga’s telecom and oil ventures keep him firmly in the ranks. Otedola, with diverse interests in energy and utilities, returns to the list after a break, indicating renewed growth in his portfolio.
The appearance of these four men underscores Nigeria’s billionaire wealth being tied closely to manufacturing, energy, telecommunications, and oil.
It also highlights the limited spread of ultra-wealth creation across other sectors.
