Five Nigerians – Aliko Dangote, Mike Adenuga Jr, Femi Otedola, Folorunsho Alakija, and Abdulsamad Rabiu respectively made the list of Forbes 2016 world’s billionaires.
Aliko Dangote owns the Dangote Group, which has interests in commodities and operates in Nigeria and other African countries, including Benin, Cameroon, Ghana, South Africa, Togo, Tanzania, and Zambia. Forbes valued Dangote at $15.4billion and he made his money in cement, sugara and flour businesses. He founded and chairs Dangote Cement plc, Africa’s largest cement producer.
Michael Adenuga Jr built his fortune in telecom and oil production. His mobile phone network, Globacom, is the second largest operator in Nigeria with 32 million subscribers; it also has operations in Ghana and the Republic of Benin.
A higher estimate of Globacom’s revenues led Forbes to increase the value it assigned to it. Adenuga’s exploration outfit, Conoil Producing, operates oil blocks in the Niger Delta. He also owns real estate firm Proline Investments, which has hundreds of properties throughout Nigeria. Forbes valued Adenuga at $10billion.
Femi Otedola, valued at $1.8billion is the controlling shareholder of publicly traded Forte Oil plc, an oil marketing and power generation company.
Originally a Nigerian subsidiary of British Petroleum (BP), Forte Oil plc has more than 500 gas stations across the country. It owns oil storage depots and manufactures its own line of engine oils. In 2013, Otedola led the company to purchase a government-owned stake in a gas-fired power plant in Kogi state in central Nigeria.
Valued at $1.6billion by Forbes, Folorunsho Alakija is the vice chair of Famfa Oil, a Nigerian oil exploration company that has a 60% participating interest in block OML 127, part of the larger Agbami field, one of Nigeria’s largest deepwater discoveries, about 70 miles offshore. Its partners include Chevron and Petrobras. Her first company was a fashion label that catered to Nigeria’s elite women, including the wife of former military president, Ibrahim Babangida, who awarded Alakija’s company an oil prospecting license. Alakija’s net worth has fallen in the past year as a result of lower oil prices.
Value at $1.1billion, Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in sugar refining, cement production, real estate, logistics and port operations. Rabiu is expanding cement production.
In September 2015, BUA signed a $600 million deal with Sinoma International Engineering, a Chinese cement equipment and engineering service provider, to construct a second production line at its flagship Obu cement plant, located in Edo State in the western part of Nigeria.
Forbes noted that volatile stock markets, cratering oil prices and a stronger dollar led to a dynamic reshuffling of wealth around the globe.
The reshuffling starts at the top. Only two people in the top 20 managed to hold onto their ranks. Bill Gates remains the richest person in the world with a net worth of $75 billion, despite being $4.2 billion poorer than a year ago. He has been No. 1 one for three years in a row and topped the list 17 out of 22 years.
Also holding steady is Buffett at No. 3. Zara’s Amancio Ortega moves up to No. 2 for the first time, displacing Mexico’s Carlos Slim, who slips to No. 4. Slim’s fortune fell $27.1 billion to $50 billion in the past year, as shares of his telecom business América Móvil tumbled.
Facebook FB +2.48%’s Mark Zuckerberg had the best year of all billionaires. The 31-year-old added $11.2 billion to his fortune and moved up to No. 6 from 16. He and Amazon’s Jeff Bezos both make their first appearance in the top ten of FORBES’ annual ranking of the world’s wealthiest. Another first: A billionaire from China’s mainland, Wang Jianlin, whose company owns AMC Theaters and soon will own Legendary Pictures, has climbed into the top 20.
Among the most notable newcomers are Cameron Mackintosh, the first theater producer to make the billionaire ranks; WeWork’s Adam Neumann and Miguel McKelvey and Pinterest’s Ben Silbermann and Evan Sharp. Neumann, Silbermann and Sharp are 3 of a record 66 billionaires under the age of 40. The youngest billionaire in the world is a 19-year-old Norwegain heiress, Alexandra Andresen, who has a 42% stake in her family’s business. Her sister Katharina is second youngest, just 20.
Another new entrant worth mentioning is Zhou Qunfei, whose $5.9 billion fortune from smartphone screens is enough to make her the richest self-made woman in the world. She is one of 190 women in the list, down from 197 last year. Among the notable drop-offs are fashion designer Tory Burch, Sam Adams chief Jim Koch and Dick’s Sporting Goods head Edward Stack.
The U.S. has 540 billionaires, more than any other country in the world. It’s followed by mainland China with 251 (Hong Kong has another 69) and Germany with 120. Russia has 77, ten-figure fortunes, 11 fewer than last year, while Brazil is down 23 to 31.
Aliko Dangote owns the Dangote Group, which has interests in commodities and operates in Nigeria and other African countries, including Benin, Cameroon, Ghana, South Africa, Togo, Tanzania, and Zambia. Forbes valued Dangote at $15.4billion and he made his money in cement, sugara and flour businesses. He founded and chairs Dangote Cement plc, Africa’s largest cement producer.
Michael Adenuga Jr built his fortune in telecom and oil production. His mobile phone network, Globacom, is the second largest operator in Nigeria with 32 million subscribers; it also has operations in Ghana and the Republic of Benin.
A higher estimate of Globacom’s revenues led Forbes to increase the value it assigned to it. Adenuga’s exploration outfit, Conoil Producing, operates oil blocks in the Niger Delta. He also owns real estate firm Proline Investments, which has hundreds of properties throughout Nigeria. Forbes valued Adenuga at $10billion.
Femi Otedola, valued at $1.8billion is the controlling shareholder of publicly traded Forte Oil plc, an oil marketing and power generation company.
Originally a Nigerian subsidiary of British Petroleum (BP), Forte Oil plc has more than 500 gas stations across the country. It owns oil storage depots and manufactures its own line of engine oils. In 2013, Otedola led the company to purchase a government-owned stake in a gas-fired power plant in Kogi state in central Nigeria.
Valued at $1.6billion by Forbes, Folorunsho Alakija is the vice chair of Famfa Oil, a Nigerian oil exploration company that has a 60% participating interest in block OML 127, part of the larger Agbami field, one of Nigeria’s largest deepwater discoveries, about 70 miles offshore. Its partners include Chevron and Petrobras. Her first company was a fashion label that catered to Nigeria’s elite women, including the wife of former military president, Ibrahim Babangida, who awarded Alakija’s company an oil prospecting license. Alakija’s net worth has fallen in the past year as a result of lower oil prices.
Value at $1.1billion, Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in sugar refining, cement production, real estate, logistics and port operations. Rabiu is expanding cement production.
In September 2015, BUA signed a $600 million deal with Sinoma International Engineering, a Chinese cement equipment and engineering service provider, to construct a second production line at its flagship Obu cement plant, located in Edo State in the western part of Nigeria.
Forbes noted that volatile stock markets, cratering oil prices and a stronger dollar led to a dynamic reshuffling of wealth around the globe.
The reshuffling starts at the top. Only two people in the top 20 managed to hold onto their ranks. Bill Gates remains the richest person in the world with a net worth of $75 billion, despite being $4.2 billion poorer than a year ago. He has been No. 1 one for three years in a row and topped the list 17 out of 22 years.
Also holding steady is Buffett at No. 3. Zara’s Amancio Ortega moves up to No. 2 for the first time, displacing Mexico’s Carlos Slim, who slips to No. 4. Slim’s fortune fell $27.1 billion to $50 billion in the past year, as shares of his telecom business América Móvil tumbled.
Facebook FB +2.48%’s Mark Zuckerberg had the best year of all billionaires. The 31-year-old added $11.2 billion to his fortune and moved up to No. 6 from 16. He and Amazon’s Jeff Bezos both make their first appearance in the top ten of FORBES’ annual ranking of the world’s wealthiest. Another first: A billionaire from China’s mainland, Wang Jianlin, whose company owns AMC Theaters and soon will own Legendary Pictures, has climbed into the top 20.
Among the most notable newcomers are Cameron Mackintosh, the first theater producer to make the billionaire ranks; WeWork’s Adam Neumann and Miguel McKelvey and Pinterest’s Ben Silbermann and Evan Sharp. Neumann, Silbermann and Sharp are 3 of a record 66 billionaires under the age of 40. The youngest billionaire in the world is a 19-year-old Norwegain heiress, Alexandra Andresen, who has a 42% stake in her family’s business. Her sister Katharina is second youngest, just 20.
Another new entrant worth mentioning is Zhou Qunfei, whose $5.9 billion fortune from smartphone screens is enough to make her the richest self-made woman in the world. She is one of 190 women in the list, down from 197 last year. Among the notable drop-offs are fashion designer Tory Burch, Sam Adams chief Jim Koch and Dick’s Sporting Goods head Edward Stack.
The U.S. has 540 billionaires, more than any other country in the world. It’s followed by mainland China with 251 (Hong Kong has another 69) and Germany with 120. Russia has 77, ten-figure fortunes, 11 fewer than last year, while Brazil is down 23 to 31.
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