• Thursday, March 28, 2024
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BusinessDay

Nigerian billionaire Chart

Nigerian billionaire Chart

Forbes recently released its annual exclusive billionaires ranking with only 4 Nigerians, Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu and Folorunsho Alakija making the highly coveted list.

A breakdown of the index shows Aliko Dangote, president of Dangote Group maintaining the top spot as his net worth now stands at $10.10 billion.

The wealth of Africa’s man will be magnified after the completion of the multi billion naira refineries that has a capacity to refine 650,000 barrel per day of crude.

His cement business, which spans across the continent, is expected to benefit from the country’s huge infrastructure deficit and government commitment to bridging it.

Second on the list is Otunba Mike Adenuga, who has a net worth of $7.70 billion. The billionaire’s telecommunication outfit (a cash cow) has been a money spinner, thanks to aggressive data penetration. His downstream oil and gas business is another profit box.

Third on the list is: Abdul Samad Rabiu of BUA Group, with a fortune of $3.13 bn. 

Abdul Samad in January merged his Obu Cement Company with the publicly listed Cement Company of Northern Nigeria (CCNN) where he had controlling shares. The new entity listed as BUA Cement Plc on the Nigeria Stock Exchange became the third largest entity on the exchange with N1.18 trillion market capitalization.