Another Billionaire Becomes 2nd Richest Man in Nigeria, Dangote Ranks High Globally

Abdulsamad Rabiu has surpassed Mike Adenuga to become the second richest man in Nigeria, according to the latest Forbes Billionaires List update. Rabiu's net worth surged by $365 million in a single day, pushing it to $6.1 billion and placing him at 572nd globally, ahead of Adenuga.

Adenuga, with a net worth of $5.8 billion, ranks lower at 578th. Despite a $48 million loss in a day, Aliko Dangote remains Africa's richest man, with a net worth of $16.1 billion.

Dangote's wealth surge in 2024 was largely attributed to the valuation of Africa's largest oil refinery, which reduced Nigeria's fuel imports and made the country a net exporter of refined products. Femi Otedola, the chairman of First Bank, saw a modest gain in net worth to $1.8 billion, ranking globally at 2025.