Dangote, Otedola… list of Nigeria’s richest men

Nigerian billionaire Mike Adenuga has reclaimed the position of Nigeria’s second-richest man, surpassing Abdulsamad Rabiu, who now holds the third spot. 

As of January 11, 2024, Forbes billionaire index indicates Adenuga’s net worth at $7.4 billion, surpassing Rabiu’s $6.2 billion valuation. This notable increase is attributed to Forbes’ recent reassessment, particularly in the valuation of Adenuga’s mobile phone network, Globacom.

Adenuga, primarily known for his success in telecom and oil production, saw a significant rise in his net worth from $3.4 billion at the start of 2024 to $7.4 billion within 10 days. 

The boost is credited to the reassessment of Globacom’s value, making it the third-largest operator in Nigeria with over 55 million subscribers. 

Additionally, Adenuga’s oil exploration company, Conoil Producing, operates six oil blocks in the Niger Delta.

Adenuga’s journey to wealth began with humble origins, selling lace and distributing soft drinks. In contrast, Rabiu experienced a remarkable wealth increase in 2023, placing him ahead until this recent shift. 

Femi Otedola has also re-entered the Forbes elite list of wealthiest individuals, with assets exceeding $1 billion. His notable investment, Geregu Power PLC, a Nigeria-based power generation company, contributes to his renewed elite status as of January 11, 2024.

Aliko Dangote: $14.3 billion 

Mike Adenuga: $7.4 billion 

Abdulsamad Rabiu: $6.2 billion 

Femi Otedola: $1.2 billion.