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Do You Know The Nigerians On The 2020 Forbes List?

Recently, Forbes released its annual exclusive billionaires ranking with only 4 Nigerians – Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu and Folorunsho Alakija – making the highly coveted list. Amongst the four, Aliko Dangote, President of Dangote Group retained his spot as the World’s richest black person with a fortune of USD10.1 billion. Mike Adenuga, Chairman of Globacom came in as second in Nigeria and third in Africa with a fortune of USD7.7 billion whilst Abdul Samad Rabiu of BUA Group was 3rd in Nigeria and 8th in Africa with a fortune of USD3.13 billion – moving up 8 places from last year’s ranking. Folorunsho Alakija of Famfa Oil completes the list of Forbes billionaires from Nigeria with a fortune of USD1 billion dollars coming in at #20 in Africa.

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The magazine said the list was generated after the billionaires’ net worth was calculated using stock prices and currency exchange rates from the close of business on Friday, January 10, 2020. “To value privately-held businesses, we couple estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks or days of our measurement date,” Forbes statement further added.

The Richest Africans is an annual ranking of the richest African people, compiled and published by the American business magazine, Forbes. It tracks the wealth of African billionaires who reside in Africa or have their primary businesses there.

Of the four Nigerians on this year’s Forbes list, only BUA’s Abdul Samad Rabiu saw an increase in his fortunes from the previous year. Abdul Samad in January merged his Obu Cement Company with the publicly listed Cement Company of Northern Nigeria (CCNN) where he had controlling shares. The new entity listed as BUA Cement Plc on the Nigeria Stock Exchange became the third largest entity on the exchange with N1.18 trillion market capitalization.

Below is a Summary of the Nigerians on the List and their Net Worth

According to the list, Africa’s 20 wealthiest people were richer in 2019 than 2018 with a combined worth at $73.4 billion. Four Nigerian billionaires are among the Forbes Africa’s Billionaires list for 2020, and Aliko Dangote topped the list for the 9th time in a row.

1. Aliko Dangote

Nigerian-born billionaire, Aliko Dangote has interests in commodities in Nigeria and other African countries.

Net worth: $10.1 billion

Age: 62

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2. Mike Adenuga

Mike Adenuga, second richest man in Africa. Mike Adenuga follows Africa’s richest man Aliko Dangote

Mike Adenuga maintains his position as the second richest man in Nigeria and third spot on the continent with a net worth of $9.6 billion. Adenuga has investments in telecommunications, oil, and real estate.

Mike Adenuga, owner of Globalcom, Nigeria’s third-largest mobile phone network, and an oil exploration firm Conoil Producing firm.

Net worth: $7.7 billion

Age: 66

3. Abdulsamad Rabiu

Rabiu is Nigerian manufacturing mogul. He is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.

Net worth: $3.1 billion

Age: 59

4. Folorunsho Alakija

Alakija is one of the richest black women in the world and the owner of Famfa Oil Limited, a Nigerian oil exploration company.

Net worth: $1 billion

Age: 68.

Other Facts on the 2020 List

According to Forbes, only eight of Africa’s 54 nations have billionaires in the list of Global billionaires. In the list, Africa’s 20 wealthiest people were richer in 2019 than 2018 with combined worth at $73.4 billion.

The current list shows that Nassef Sawiris of Egypt came second in Africa with his fortunes rising to 8billion dollars from $6.3billion.

Others on the list from Africa are: Nicky Oppenheimer $7.7 billion; Johann Rupert $6.5 billion; Issad Rebrab $4.4 billion; Mohamed Mansour $3.3 billion; Naguib Sawiris $3 billion; Patrice Motsepe $2.6 billion; Koos Bekker  $2.5 billion; Yasseen Mansour $2.3 billion; Isabel dos Santos $2.2 billion; Youssef Mansour $1.9 billion; Aziz Akhannouch $1.7 billion; Mohammed Dewji $1.6 billion; Othman Benjelloun $1.4 billion; Michiel Le Roux $1.3 billionn; Strive Masiyiwa $1.1 billion and Folorunso Alakija $1 billion.

It is noteworthy that Egypt and South Africa tie with 5 billionaires each. Morocco has two, while Zimbabwe and Tanzania have one billionaire each, among members of the 3-comma club in Africa.



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Jeremiah is a scholar and a poet. He has a keen eye for studying the world and is passionate about people. He tweets at @jeremiahaluwong.

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