Nigerian billionaires’ wealth drops third time in 2024 to $23.8b

The combined net worth of Nigeria’s four wealthiest individuals is $23.8 billion, according to the Forbes Real-Time Billionaires List, down from $24.9 billion in Q3.

These individuals play key roles in critical sectors of Nigeria’s economy and maintain significant positions on the global wealth index.

Their financial standing reflects trends in Nigeria’s economy, which is shaped by currency fluctuations, policy changes, and market forces. The refining industry, for example, is poised for growth. The Dangote Refinery is projected to impact Nigeria’s energy sector and Aliko Dangote’s position on the wealth index.

Read also: Nigerian billionaires’ wealth faces further decline in Q3 2024

These billionaires have capitalised on opportunities while managing economic challenges, reflecting their influence on Nigeria’s economic trajectory. Their fortunes highlight the intersections of strategic decision-making and economic developments in the country.

According to Forbes Real-Time Billionaires List, Here are 4 Nigerian billionaires on the Forbes list worth $23.8 billion as of December 03

Aliko Dangote — $11.1 billion

Aliko Dangote remains the wealthiest individual in Nigeria and Africa’s leading industrialist. His fortune stems largely from cement production under the Dangote Group, as well as operations in sugar, salt, and fertiliser manufacturing. His wealth is projected to grow even further with his ventures like the Dangote Refinery.

Read also: Nigerian billionaires’ wealth declines in q2 2024 amid economic challenges

Mike Adenuga — $6.7 billion

Mike Adenuga ranks as Nigeria’s second-richest billionaire, with investments spanning telecommunications and oil production. His telecom company, Globacom, operates as a key player in Nigeria and across West Africa. Adenuga’s oil ventures also contribute to his fortune.

Abdulsamad Rabiu — $4.5 billion

Abdulsamad Rabiu secures the third spot with wealth tied to the BUA Group, a conglomerate heavily involved in cement manufacturing and sugar refining. His strategic investments have solidified BUA as a formidable competitor in Nigeria’s industrial sector.

Read also: Meet 4 Nigerian billionaires worth more than two African countries’ GDP – Forbes

Femi Otedola — $1.5 billion

Femi Otedola rounds out the list with a net worth of $1.5 billion. Known for his energy-related ventures, particularly in power generation and distribution, Otedola has also expanded his investments into other profitable sectors.