Dangote, Rabiu’s wealth rises by over N300bn in a week, leaving Mike Adenuga further behind

Aliko Dangote And Abdul Samad Rabiu
Aliko Dangote and Abdulsalam Rabiu

Aliko Dangote and Abdulsalam Rabiu, two of Nigeria’s most prominent business tycoons, have witnessed a remarkable surge in their wealth within a week(Sunday, 4 March 2023 to Sunday, 12 March, 2023)

On the other hand, the third richest man in Nigeria, Mike Adenuga, did not witness any growth in his wealth during the same period.

As per Forbes’ billionaire ranking data, Aliko Dangote’s wealth surged from $13.9 billion on March 4th to $14.2 billion on March 12th, reflecting an increase of $300 million (N138.1 billion).

Aliko Dangote’s wealth surge was primarily attributed to the exceptional performance of his company, Dangote Cement, and the resulting increase in share prices.

Over the review period, Dangote Cement’s share price soared from N278 to N288.

Abdulsalam Rabiu

Forbes reports that Abdulsalam Rabiu’s net worth stood at $8.2 billion as of March 12th, reflecting a $500 million (N230.2 billion) increase compared to his net worth of $7.7 billion on March 4th.

Rabiu’s impressive performance is thanks also to the growth in his conglomerate, BUA Group, which has interests in cement, sugar, and flour production.

Mike Adenuga

It is, however, a different story for Mike Adenuga’s as his net worth remained unchanged at $6.1 billion, widening the wealth gap between him and the two other billionaires.

Despite trailing behind, Adenuga remains one of Nigeria’s most successful and influential business leaders, with Globacom as the second-largest mobile network operator in the country and Conoil having operations across Africa.

Meanwhile, in another report, revealed that Africa’s richest man will be walking home with over N293 billion as dividends from his cement company, Dangote Cement.

Aliko Dangote’s cement company recorded a revenue jump of 16.96% in 2022 to hit a high of over N1.61 trillion.

Dangote’s dividend is more than the budget of 25 states for the fiscal year of 2023.

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