Do you know that there are only 4 Billionaires in Nigeria?


https://www.youtube.com/watch?v=wAL9kmTnR2w?si=UiXpiDlXFLkkzHyL

Nigeria boasts a diverse range of billionaires, each with their unique journey to success. From oil magnates to telecommunications moguls, let's explore the sources of their wealth.
From bottom to top:

4. 4th on the list is, Femi Otedola
- [ ] Real time Net worth: $1.1billion dollars
- [ ] Industry: Energy
- [ ] Rank: 4th Richest man in Nigeria/20th Richest man in Africa.
- [ ] Age: 61
- [ ] Source of Wealth: gas stations, utilities, Self Made no
- [ ] Residence: Lagos, Nigeria
- [ ] Citizenship: Nigeria
- [ ] Marital Status: Married
- [ ] Children: 4

Femi Otedola, last appeared on the Forbes Nigerian list in 2017 when he held a controlling stake in fuel distributor Forte Oil. Otedola phased out his oil investments during a government push to privatize the country’s energy business in 2013, using a Forte subsidiary to purchase Geregu, a public power generation plant. He owned about 90% of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, which include Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China. His 73% stake in Geregu is worth more than $850 million, about three-quarters of his $1.1 billion fortune, which puts him at No. 4 on the list.

* Femi Otedola is a Nigeria billionaire who made his first fortune in commodities before selling his shares in Forte Oil to invest in the energy business.
* Otedola is chairman of Geregu Power, a power generation business, and owns more than 70% of the shares.
* During 2022 and 2023 Otedola sold down a Geregu stake that was once more than 95% to bring on institutional investors,
* Investors in Geregu include the Nigerian government, the Afrexim Fund for Export Development in Africa and the State Grid Corporation of China.
* He also owns properties in Lagos, Dubai, London and Monaco, and holds shares in Zenith Bank and FBN Holdings.

His daughter is a professional DJ who goes by the stage name DJ Cuppy.

3. 3rd on the list is Abdulsamad Rabiu
- [ ] Real time Net worth: $5.4 billion dollars.
- [ ] Industry: Diversified
- [ ] Rank: 3rd Richest man in Nigeria/6th Richest man in Africa.
- [ ] Age: 63
- [ ] Source of Wealth: Cement, sugar
- [ ] Residence: Lagos, Nigeria
- [ ] Citizenship: Nigeria
- [ ] Marital Status: Married

* Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.
* In early January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled.
* The combined firm, called BUA Cement Plc, trades on the Nigerian stock exchange; Rabiu owns 98.2% of it. He also owns 95% of publicly traded food conglomerate BUA Foods.
* Rabiu, the son of a businessman, inherited land from his father.
* He set up his own business in 1988 importing iron, steel and chemicals.

His foundation, the Abdul Samad Rabiu Initiative, supports education, health and social development projects across Africa.

2. 2nd on the list is Mike Adenuga.
- [ ] Real time Net worth: $6.2 billion dollars.
- [ ] Industry: Diversified
- [ ] Rank: 2nd Richest man in Nigeria/5th Richest man in Africa
- [ ] Age: 70
- [ ] Source of Wealth: Telecom, oil, Self Made
- [ ] Residence: Lagos, Nigeria
- [ ] Citizenship: Nigeria
- [ ] Marital Status: Married
- [ ] Children: 7
- [ ] Education: Master of Business Administration, Pace University

* Adenuga, Nigeria's second richest man, built his fortune in telecommunications and oil production.
* His mobile phone network, Globacom, is the second-largest operator in Nigeria, with more than 60 million subscribers.
* His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.
* Globacom also built Glo-1, a 6,100-mile-long submarine Internet cable to the U.K. via Ghana and Portugal.
* Adenuga also owns 74% of publicly traded gasoline firm Conoil and just under 6% of publicly traded Nigerian bank Sterling Financial Holding.

Adenuga made his first million at age 26 selling lace and distributing soft drinks.

Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver.

1. 1st on the list is Aliko Dangote
CEO, Dangote Group

- [ ] Real time Net worth: $15.3billion dollars.
- [ ] Industry: Manufacturing
- [ ] Rank: Richest man in Nigeria/Richest man in Africa
- [ ] Age: 66
- [ ] Source of Wealth: Cement, sugar, Self Made
- [ ] Residence: Lagos, Nigeria
- [ ] Citizenship: Nigeria
- [ ] Marital Status: Divorced
- [ ] Children: 3
- [ ] Education: Bachelor of Arts/Science, Al-Azhar University

* Aliko Dangote, Africa's richest person, founded and chairs Dangote Cement, the continent's largest cement producer.
* He owns 85% of publicly-traded Dangote Cement through a holding company.
* Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.
* After many years in development, Dangote's fertilizer plant in Nigeria began operations in March 2022.
* Dangote Refinery began construction in 2016 and is expected to begin refining operations in 2024.

Dangote's grandfather was a successful trader of rice and oats in Kano, Nigeria's second largest city.

Dangote told Forbes that when he was young, he bought sweets, gave them to others to sell, and he kept the profits.