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Dangote, Rabiu, Adenuga push wealth to $29bn

Dangote, Rabiu, Adenuga push wealth to $29bn

Three billionaires in Nigeria increased the country’s wealth by 19.7 percent in one year, according to the latest 2023 Billionaires Ambitious report.

The report by UBS, a multinational investment bank and financial services company, showed that the total wealth in Africa’s biggest economy rose to $28.5 billion in April 2023 from $23.8 billion in the same period of last year.

“An obvious reason for the uptick in wealth would be the benefit of the stronger oil price given that Nigeria is usually Africa’s biggest oil producer,” analysts at UBS said.

The report revealed that the country recorded a higher wealth growth compared to its African peers such as South Africa and Egypt.

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The five billionaires in South Africa increased the country’s wealth by 16.9 percent to $25.6 billion but Egypt saw a decline of 17.7 percent to $13.5 billion.

Globally, the total number of billionaires rose by seven percent from 2,376 to 2,544. Their total wealth recovered by nine percent in nominal terms to $12.0 trillion from $11.0 trillion.

“Billionaires’ wealth partially recovered in the 2022/2023 period, lifted in part by Europe’s consumer and retail billionaires, after falling by almost a fifth in the previous 12 months,” the report said.

It added that notably, the billionaire community remains smaller than during its 2021 peak. “Following the post-pandemic asset price rally, it counted 2,686 individuals, worth an aggregate $13.4 trillion.”

The top 10 countries with the highest number of billionaires are the United States (751), China (520), India (153), Germany (106), United Kingdom (83). The rest are Switzerland, Hong Kong, Italy, Taiwan and Brazil with 75, 68, 56, 46 and 45 respectively.

Here are the three billionaires in Nigeria

Aliko Dangote

Dangote, founder, chairman/CEO of Dangote Group ranks first in Africa and Nigeria with a net worth of $13.5 billion as of January 30, 2023 while operating in the manufacturing sector, according to Forbes Africa’s Billionaire 2023 report.

“He owns 85 percent of publicly-traded Dangote Cement through a holding company. Dangote Cement has a production capacity of 48.6 million metric tonnes annually and has operations in ten countries across Africa,” Forbes said.

It added that after many years in development, Dangote’s fertiliser plant in Nigeria began operations in March 2022.

“Dangote Refinery has been under construction since 2016 and is expected to be one of the world’s largest oil refineries once complete.”

Abdulsamad Rabiu

Rabiu, founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. With a net worth of $7.6 billion as of January 30, 2023, he ranks fourth in Africa.

According to Forbes, in early January 2020, he merged his privately-owned Obu Cement Company with the listed firm Cement Co. of Northern Nigeria, which he controlled.

“The combined firm, called BUA Cement plc, trades on the Nigerian stock exchange; Rabiu owns 98.2 percent of it. He set up his own business in 1988 importing iron, steel and chemicals,” it said.

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Mike Adenuga

According to Forbes, Adenuga, chairman/CEO at Globacom Limited ranks sixth in Africa with a net worth of $6.3 billion of January 30, 2023, operating in a diversified industry.

“Adenuga built his fortune in telecom and oil production. His mobile phone network, Globacom, is the third largest operator in Nigeria, with 55 million subscribers,” it said.

It added that his oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta.

“Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. He made his first million at age 26 selling lace and distributing soft drinks.”