Otedola Makes Forbes List As Dangote, Rabiu, Adenuga Retain Billionaire Status

Nigerian business magnate and the Executive Chairman of Geregu Power Plc Femi Otedola, has been listed on the Forbes billionaire list with a total net worth of $1.4bn.

This is as Nigerian businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola, retained their position as the top richest Nigerians in 2024, with a net worth of $25.3bn.

Dangote is the chairman of Dangote Group, Rabiu is the chairman of BUA Group and Adenuga controls Globacom, Nigeria’s second-largest telecom operator

According to the Forbes Real-Time Billionaires, the 2024 net worth of Dangote, Adenuga and Rabiu, showed a decline of 11.23 per cent by $3.2bn from $28.5bn announced in 2023.

Further breakdown showed that Dangote’s fortunes reduced slightly from $14.2bn in 2023 to $13.4bn in 2024.

Subsequently, BUA group recorded a fortune loss of $3bn from $8.2bn in 2023 to $5.2bn in 2024.

While Dangote and Rabiu’s fortunes were declining, Adenuga’s wealth surged from $6.1bn to $6.7bn.

According to their wealth positions by Forbes, Dangote retains his position not just as the richest man in Nigeria, but also as the richest man in Africa ranked at number 144.

Adenuga who also owns stakes in the oil exploration firm, Conoil is ranked at number 409, while Rabiu following a non-progressive financial year in 2023, is ranked at number 581 in the Forbes list.

With a net worth of $1.4bn and his entry as the newest member on the Forbes list, Otedola is ranked number 2,152.

Speaking on the surge in the billionaire categories, Forbes said the influx in revenue was contributed by the first 20 billionaires, with a combined revenue contribution of $700bn.

Forbes said, “There are now more billionaires than ever: 2,781 in all, 141 more than last year and 26 more than the record set in 2021.

“They’re richer than ever, worth $14.2tn in aggregate, up by $2tn from 2023 and $1.1tn above the previous record, also set in 2021. Two-thirds of the list’s members are worth more than a year ago; only one-fourth are poorer.

“Much of the gains come from the top 20, who added a combined $700bn in wealth since 2023, and from the U.S., which now boasts a record of 813 billionaires worth a combined $5.7tn.

“China remains second, with 473 (including Hong Kong) worth $1.7tn, despite weak consumer spending and a real estate bust that helped wipe out $200bn in wealth and knocked 89 billionaires from the ranks.

“India, which has 200 billionaires (also a record), ranks third.”