Another Billionaire Becomes 2nd Richest Man in Nigeria, Dangote Ranks High Globally
- There is a new second-richest person in Nigeria, as the net worth rankings of Nigeria's wealthiest individuals shift
- Aliko Dangote remains at the top with a net worth exceeding $24 billion, despite losing over $48 million in a single day
- Other notable Nigerian billionaires include Adenuga, Rabiu, and Otedola, whose net worths have also seen recent fluctuations
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Abdulsamad Rabiu has overtaken Mike Adenuga to become Nigeria’s second-richest man, according to the latest Forbes Billionaires List update.
Source: UGC
The shake-up in rankings comes as Rabiu’s net worth surged by $365 million in a single day, pushing his net worth to $6.3 billion.
According to Forbes' latest ranking, Rabiu is the 572nd place globally, ahead of Adenuga, despite having the same net worth of $6.3 billion.
Adenuga, who now ranks lower at 578th, recorded a $4 million increase in his wealth.
Rabiu return to the second
The BUA chairman lost his second position to Adenuga in 2024 after Forbes' reevaluation of Globacom.
For almost a year, Rabiu has been ranked below Adenuga in the world billionaire ranking.
Aliko Dangote remains firmly at the top of Nigeria’s billionaire list and continues to hold the title of Africa’s richest man with a net worth of $24.5 billion.
However, Dangote recorded a $48 million loss on the day under review, though it had minimal impact on his global ranking, where he now sits at 85th.
To complete the Nigerian billionaire list, Femi Otedola, the chairman of First Bank who has a net worth of $1.4 billion.
Here is a snapshot of Nigeria's richest billionaires
As of August 1, 2025, these are the richest men in Nigeria and their net worth.
- Aliko Dangote – $24.5 billion
- Abdulsamad Rabiu – $6.3 billion
- Mike Adenuga – $6.3 billion
- Femi Otedola – $1.5 billion
Source: Facebook
Here is a snapshot of Nigerian billionaires' wealth source
Aliko Dangote (Age 68)
Africa's richest person controls Dangote Industries, a closely held conglomerate.
The Lagos, Nigeria-based company owns sub-Saharan Africa's biggest cement producer, Dangote Cement, and the continent's largest oil refinery. It also has interests in sugar, salt, oil, fertiliser and packaged food.
Dangote remains Africa’s richest individual, topping Forbes’s 2025 African billionaires list for the 14th consecutive year with an estimated net worth of about $23.9 billion.
His dramatic wealth surge from $13.9 billion in 2024 to $23.9 billion is largely attributed to the valuation of the Dangote Refinery, Africa’s largest oil‑refining complex, processing up to 650,000 barrels per day, which began operations in early 2024.
The facility has sharply reduced Nigeria’s fuel imports and transformed the country into a net exporter of refined products.
His dominant stakes in Dangote Cement (86%) and fertiliser operations further bolster his leading position.
Abdulsamad Rabiu (Age 64)
Rabiu is the founder of BUA Group, one of Nigeria's biggest conglomerates with business interests in cement and sugar industries and also oil and gas. He also owns 95% of publicly traded food conglomerate BUA Foods.
His recent gains are likely tied to rising valuations of BUA Cement and other assets following the rise in the Nigerian stock market.
Mike Adenuga (Age 72)
Despite his long-standing position as Nigeria’s second-richest man, Adenuga’s wealth has remained largely unchanged.
He built his fortune in telecommunications and oil production.
His mobile phone network, Globacom, is the third-largest operator in Nigeria, with more than 17 million subscribers. His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.
Femi Otedola (Age 62)
Chairman of First Bank and a strategic investor in the energy sector, Otedola’s net worth stands at $1.5 billion after a modest $2 million gain. He now ranks 2,370th globally.
Aliko Dangote retires and appoints new chairman
Earlier, Legit.ng reported that Africa’s richest man, Aliko Dangote, has officially ended a 20-year era as board chairman in one of the Dangote Group's subsidiaries
This move ends a two-decade tenure as Chairman of the board, as Dangote officially hands over the reins to his successor.
Arnold Ekpe is a renowned banker and is expected to bring his extensive experience in the financial and other sectors has taken over.
Source: Legit.ng
