4 Nigerian billionaires whose wealth are drawn from production, telecom and oil industries

4 Nigerian billionaires whose wealth are drawn from production, telecom and oil industries

- According to the 2020 Forbes list, there are only four billionaires in dollars in Nigeria

- Common to their sources of fortune is that they are in the production and oil industries

- Out of all the four billionaires, Aliko Dangote is both the richest black man and wealthiest in Nigeria

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While Nigeria is home to amazing business-minded people, not many are billionaires in dollars and by Forbes standard.

Only four Nigerians out of the pool of affluent people in the country made the 2020 Forbes billionaire list and they are Aliko Dangote, Mike Adenuga, Folorunsho Alakija, and Abdulsamad Rabiu.

It should, however, be noted that the figures in this article may not be the current wealth of the people mentioned as there have been great changes in world economies and personal wealth since the list was first released months ago.

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Below are therefore the four Nigerians that made the list:

1. Aliko Dangote - $10.1bn (GHC 58.7bn)

The Nigerian billionaire remained on the list this year as the world’s black wealthiest person. His fortune comes from his Dangote Group which manufactures household items like spaghetti, sugar, salt. He is most known for his cement company.

2. Mike Adenuga - $7.7bn (GHC44.7bn)

The CEO of the Nigerian telecommunication company, Globacom came second on the list of billionaires in the country. He, however, is number three among rich Africans.

A collage showing Aliko Dangote, Folorunsho Alakija, Abdulsalam Rabiu, and Mike Adenuga.
Photos sources: Wei Leng Tay, Forbes, Entrepreneurs NG
A collage showing Aliko Dangote, Folorunsho Alakija, Abdulsalam Rabiu, and Mike Adenuga. Photos sources: Wei Leng Tay, Forbes, Entrepreneurs NG
Source: UGC

3. Abdulsamad Rabiu - $3.13bn (GHC19.1bn)

The chairman of BUA Group is third in Nigeria but ranks eighth on the continent. His group of companies is also in the production of cement, sugar, and real estate. He is from Kano and 60-years-old.

4. Folorunsho Alakija - $1bn (GHC5.8bn)

She is the 20th billionaire in Africa and fourth in Nigeria. Her wealth comes from her company, Famfa Oil. Folorunsho Alakija is also a philanthropist. Her oil company has shares in Agbami Oilfield, a very popular offshore company. Chevron and Petrobras are some of the partners of Famfa Oil.

Read also

Richest man in Ghana: 27 Ghanaians with the highest net worth in 2024

Other Nigerians who are rich but not billionaires in dollars are Hajia Bola Shagaya, Jim James Ovia, and Fifi Ekanem Ejind.

Meanwhile, YEN.com.gh earlier reported that South African-born billionaire Elon Musk is now richer than Facebook co-founder and CEO Mark Zuckerburg.

Musk gained another $12 billion in wealth overnight. This is due to the announcement of Tesla's addition to the S&P 500 (a stock market index that measures the stock performance of 500 large companies).

Musk's network is sitting on $114 billion while Zuckerberg's is $101.7 billion. Musk is also currently the highest-paid executive on the planet and according to reports, he doesn't take a salary from Tesla.

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Source: YEN.com.gh

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Jeffrey Owusu-Mensah (HOD Entertainment) Jeffrey is the Head of Entertainment Desk and a graduate of the Ghana Institute of Journalism (GIJ) with over 10 years of experience in journalism. He started as a reporter with Ghana News Agency (GNA) after school. He joined Primnewsghana.com in 2016 as an editor. He moved to YEN.com.gh in 2017 as an editor and has risen to his current position. You can contact him via e-mail: j.owusu-mensah@yen.com.gh

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