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Otedola Rejoins Dangote, Adenuga, Rabiu On Forbes Billionaire List




Four Nigerians Make 2024 Forbes List Of World's Richest Persons

Popular Nigerian businessman and the Chairman of Geregu Power, Femi Otedola, has rejoined the ranks of Nigerian billionaires on the Forbes list.

According to the Forbes Billionaire Index released on Thursday, Otedola now holds the fourth position among Nigerian billionaires, following AbdulSamad Rabiu, Mike Adenuga, and Aliko Dangote.

As a result, the total wealth held by the four Nigerian billionaires now stands at $29.10 billion, which is 28 per cent of the $103.70 billion the listed 20 African billionaires are valued.

At six, South Africa has the highest number of billionaires, followed by Egpyt (five), Nigeria (four), Morocco (two), and one each in Algeria, Tanzania, and Zimbabwe.

Nigerian Billionaires’ Net Worth and Source of Wealth


Rabiu is the third richest Nigerian, with a net worth of $6.2 billion, placing him on the 440 spot on the global billionaire list and sixth in A
He has a similar business footprint as Dangote, as the source of his wealth is traced mostly to cement and sugar production.

The billionaire is also eyeing the oil refinery market in Nigeria, which will expand his business from industrial and consumer goods, thereby stoking his rivalry with Dangote.

Unlike Dangote, his wealth has been on the rise since 2014, when he was worth $1.2 billion — recording $5 billion in about 10 years.


With a $7.4 billion net worth, Adenuga is the second richest person in Nigeria, sitting behind Dangote, after his wealth rose by $2.8 billion within 10 years.

He built his wealth through investments in telecommunications and oil production, as well as acquiring shares in a prominent financial institution, Sterling Financial Holdings Company.

Adenuga’s telecom company, Globacom, is the second largest network provider in Nigeria, with 61.3 million call subscribers and 43.9 million data users.

According to Forbes, his oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta.


Dangote, valued at $14.3 billion, is the richest person in Nigeria and Africa. The billionaire, who has held the position since 2012, is ranked 132 in the world.

Dangote, who was once valued at $25 billion in 2014, has seen his net worth fluctuate over the years, resulting in Johann Rupert, a South African businessman, briefly taking his number one spot on June 15, 2023, and January 4, 2024.

The 66-year-old investor made his fortune largely from cement production, through Dangote Cement, as well as his sugar and fertilizer businesses, amongst other investments.

He has expanded his investment portfolio to include an oil refinery, which gulped $19 billion and is described as Africa’s largest oil refinery and the world’s largest single-train facility.


Otedola’s name appeared on the Forbes Billionaire List with a $1.1 billion net worth, taking over the fourth spot previously occupied by Folorunsho Alakija, Nigeria’s richest businesswoman.

He occupies the 17th position in Africa with Michiel Le Roux, a South African billionaire, and is ranked 2,353 globally.

In 2016, Otedola was worth $1.8 billion and fell below the billion-dollar mark in 2017,

Otedola is a major investor in Geregu and FBN Holdings, with both investments fueling his valuation as their shares appreciated significantly in 2023.

His investment in Geregu rose by 227.2 per cent after the demand for the company’s shares drove the price from N110 to N399 within 12 months.

Also, FBN Holdings’ share value rose from N11.25 to N23.55 last year, raising Otedola’s investment in the financial institution by 109.33 per cent.

Ige Olugbenga is a fine-grained journalist. He loves the smell of a good lead and has a penchant for finding out something nobody else knows.