Nigerian billionaires’ wealth faces further decline in Q3 2024

The combined wealth of four Nigerian billionaires totalled $27.8 billion in Q1 2024, as reported by the Forbes Real-Time Billionaires List.

However, this figure dropped to $27.3 billion in Q2 2024, representing a decrease of approximately 1.8%. The downward trend continued into Q3, where their combined wealth further declined to $24.9 billion, reflecting an 8.8% decrease over the last quarter.

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Aliko Dangote experienced the most significant decrease, with his net worth dropping by approximately 17.8%.

Mike Adenuga experienced a slight decrease in his wealth, with a decline of approximately 1.5%. Abdulsamad Rabiu also faced a decline, with his fortune dropping by about 16.1%.

Femi Otedola maintained his net worth at $1.5 billion, with no change over the quarter.

Recall that in June, Forbes reported that Aliko Dangote had lost his position as Africa’s richest person for the first time in 12 years, overtaken by Johann Rupert of South Africa, who has amassed a fortune in luxury goods and other ventures.

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

The decline in Dangote’s wealth coincided with the Central Bank of Nigeria’s (CBN) decision to float the naira on June 14, moving away from the fixed exchange rate with the U.S. dollar.

Analysts forecast a rebound in Aliko Dangote’s wealth due to the increased production capacity of the Dangote Refinery, expected to reach full capacity by 2025, refining up to 650,000 barrels per day. This may raise its enterprise value to around $42.6 billion. The refinery’s dominant position in Nigeria’s fuel market and plans to export refined products to other African countries position it for growth, potentially boosting Dangote’s net worth and placing him among the top 30 richest individuals globally.

Read also: 4 countries in Africa with the most billionaires in 2024 – Forbes

According to Forbes Real-Time Billionaires List, Here are 4 Nigerian billionaires on the Forbes list worth $24.9 billion as of October 03

1. Aliko Dangote – $11.1 billion
2. Mike Adenuga — $6.6 billion
3. Abdulsamad Rabiu – $4.7 billion
4. Femi Otedola — $1.5 billion