Forbes Nigerian billionaires list reveals huge wealth gap

Forbes Nigerian Billionaires list shows Dangote at $24.4B, far ahead of Rabiu, Adenuga, and Otedola, highlighting Nigeria’s wealth concentration

Forbes Nigerian Billionaires have once again taken the spotlight, as four names made it into Forbes’ Real-Time Billionaires List released on Saturday.

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Leading the pack is Aliko Dangote, with a staggering fortune of \$24.4 billion, ranking #88 globally. His dominance is unrivalled, with wealth more than three times Abdulsamad Rabiu’s \$7.2 billion (#516), nearly four times Mike Adenuga’s \$6.3 billion (#592), and over sixteen times Femi Otedola’s \$1.5 billion (#2424).

Dangote, who first entered Forbes’ billionaire rankings in 2008, has reigned as Africa’s richest man for 14 consecutive years, thanks to his cement empire, sugar business, and a massive petroleum refinery launched in 2023. His fortune underscores Nigeria’s industrial strength while solidifying his global stature.

While Dangote commands the headlines, Rabiu, also a cement and sugar mogul, and Adenuga, with deep investments in telecoms and oil, continue to hold strong positions.

Otedola, who recently rejoined the billionaire ranks after years away, reflects renewed growth in energy and utilities.

Collectively, these four tycoons represent the concentration of wealth in Nigeria’s key industries cement, sugar, oil, telecoms, and power.

However, the limited diversification highlights challenges for broad-based billionaire-level wealth creation in the country.

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The Forbes Nigerian Billionaires ranking provides not just a snapshot of fortunes but also a lens through which to view economic power, industry opportunities, and the future of wealth in Nigeria.

Quadri Olaitan