In this year’s Forbes Africa Billionaires list, of the 20 billionaires profiled on the continent, four of them came from Nigeria. The Forbes report on Africa’s wealthiest stated that the fortunes of the 20 billionaires have rebounded slightly in the past 12 months, recording a combined net worth of $82.4 billion.
Forbes attributed the gain to the return of Nigeria’s Femi Otedola, who last appeared on the Forbes Africa list in 2017 when he held a controlling stake in fuel distributor Forte Oil. A chunk of his fortune comes from his 73% stake in Geregu, which is worth more than $850 million.
Of the 20 wealthiest Africans profiled, these four Nigerian billionaires made the list:
Aliko Dangote is not only Africa’s richest man but the wealthiest black man in the world. The story of how he started his company from scratch will always inspire many entrepreneurs. He borrowed $3,000 from his uncle shortly after receiving his college degree at 21 to import and sell food products in Nigeria.
Dangote is ranked first on Forbes’ Africa’s Billionaires list with an estimated net worth of $13.9 billion. He makes his money from Dangote Cement, the continent’s largest cement producer; Dangote fertilizer; and Dangote Refinery among others.
Mike Adenuga made his wealth through telecom and oil production. His net worth highlighted by Forbes is $6.9 billion. He operates the second largest telecom operator in Nigeria, Globacom.
In addition, Adenuga is into oil exploration. His firm, Conoil Producing, operates 6 oil blocks in the Niger Delta. He made his first million at age 26 selling lace and distributing soft drinks.
Adenuga is ranked fifth on Forbes’ Africa’s Billionaires list.
Abdulsamad Rabiu has a net worth of $5.9 billion and ranks 6th on the Forbes Africa billionaire list. He is the founder of BUA Group, which is mainly into cement production, sugar refining, and real estate. His first business line was in iron, steel, and chemical imports.
Femi Otedola discovered his passion for entrepreneurship very young. At just six, he provided manicure and pedicure services to his father and his friends in exchange for money.
He would later carve his own path in Nigeria’s oil and gas industry to become a key player. He established Forte Oil, a petroleum and power generation company with over 500 stations in Nigeria. Otedola was also into real estate with 184 flats.
He became the largest investor in the Nigerian banking sector. He had shares in Africa Finance Corporation and was the Chairman of Transcorp Hilton. Otedola also had shares in Mobil Oil Nigeria Limited. He presently owns properties in Lagos, Dubai, London and Monaco, and holds shares in Zenith Bank and FBN Holdings, according to Forbes.
Otedola has an estimated net worth of $1.1 billion.