Dangote, Rabiu lose $3.8bn as Otedola...

operator in Nigeria, with 55 million subscribers,” it said.

It added that his oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta.

“Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. He made his first million at age 26 selling lace and distributing soft drinks.”

Rabiu

Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. His net worth, which is estimated at $5.2 billion, was placed at the 581st position.

In early January 2020, he merged his privately-owned Obu Cement Company with the listed firm Cement Company of Northern Nigeria, which he controlled.

“The combined firm, called BUA Cement plc, trades on the Nigerian stock exchange; Rabiu owns 98.2 percent of it. He set up his own business in 1988 importing iron, steel and chemicals,” Forbes said.

Otedola

Otedola made his first fortune in commodities before selling his shares in Forte Oil to invest in the energy business. With $1.4 billion, he ranks 2,152nd on the list.

Otedola is chairman of Geregu Power, a power generation business, and owns more than 70 percent of the shares, according to Forbes.

During 2022 and 2023, Otedola sold down a Geregu stake that was once more than 95 percent to bring on institutional investors, according to Forbes.

“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.”