How Dangote, Adenuga, Abdulsamad Rabiu Lost N8 Trillion In 2023

Nigerian billionaires Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga collectively saw their wealth decrease to $18.1 billion in 2023, down 33.9% from $27.4 billion on January 30, as reported by Forbes’ Real-Time Billionaires ranking.

The devaluation of the Nigerian naira against the dollar played a significant role in this wealth decline, attributed to the liberalization of the foreign exchange regime. Despite the drop, a UBS report noted that Nigerian billionaires collectively boosted the country’s wealth by 19.7% in one year, reaching $28.5 billion in April 2023.

Aliko Dangote, founder and chairman/CEO of Dangote Group, retained the top spot in Nigeria with a net worth of $9.4 billion as of December 29, 2023. He owns 85% of publicly-traded Dangote Cement and oversees a diversified business portfolio, including a fertiliser plant and the world’s largest single-train refinery, inaugurated in May 2023.

Abdulsamad Rabiu, founder of BUA Group, holds the second position in Nigeria with a net worth of $5.7 billion. His conglomerate is involved in cement production, sugar refining, and real estate. Rabiu’s strategic merger in early 2020 formed BUA Cement plc, traded on the Nigerian stock exchange.

Mike Adenuga, chairman/CEO of Globacom Limited, ranks third in Nigeria with a net worth of $3 billion as of December 29. Known for his success in telecom and oil production, Adenuga’s mobile phone network, Globacom, is Nigeria’s third-largest operator, with 55 million subscribers. His oil exploration company, Conoil Producing, operates in the Niger Delta.

Despite the wealth fluctuations, these prominent Nigerian billionaires continue to wield significant influence and contribute to the country’s economic landscape, as noted by Forbes.

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