Friday, January 3, 2014

Forbes Names Biggest Nigerian Billionaires of 2013 With Dangote On the Top

The combined net worth of four Nigerian billionaires, Aliko Dangote, Mrs. Folorunsho Alakija, Abdulsamad Rabiu and Mike Adenuga, grew by N2.024 trillion ($12.65 billion) in 2013, according to data released by Forbes yesterday.

The amount is about half of the N4.99 trillion budget put forward by the Federal Government and approved by the National Assembly in the 2013 fiscal year.

Forbes, in a report entitled The Biggest African Billionaire Gainers in 2013, listed Dangote, Africa’s richest man, as the biggest gainer in terms of increase in net worth.

He gained $10.1 billion (N1.62 trillion) in 2013, to end the year with a net worth of $22.9 billion (N3.66 trillion), up from $12.8 billion as at the end of December 2012.

Nigeria’s richest woman

Nigeria’s richest woman, Folorunsho Alakija, owner of Famfa Oil Limited, was named the fourth biggest gainer in 2013, as her wealth increased by $1.9 billion (N304 billion) to end the year with a net worth of $2.5 billion (N400 billion).

Abdulsamad Rabiu, Chairman, BUA Group, was named the ninth biggest African gainer in 2013 by Forbes, with a $550 million (N88 billion) increase in wealth to end the year with a total net worth of $1.2 billion (N192 billion).

Nigeria’s second richest man and Chairman of Globacom, Mr. Mike Adenuga, was named the 15th biggest gainer, with a gain of $100 million (N16 billion) to end the year with a net worth of $4.7 billion (N752 billion).

According to Forbes, the biggest catalyst for the increase in Dangote’s net worth was his Dangote Cement shares, which has experienced a 74 per cent run-up over the last 12 months.

Forbes further noted that the increase in Folorunsho Alakija’s net worth is as a result of new information made available to it on the true value of her company’s interest in Agbami, information that had been verified by analysts in the industry.

On Abdulsamad Rabiu, Forbes said: “Rabiu joins the ranks of Africa’s richest and the world’s billionaires for the first time based on success at his BUA Group, whose biggest businesses are sugar refining and cement.

“BUA Group annual revenues are estimated at $2 billion. The group also does business in real estate, steel, port concessions, manufacturing, oil gas and shipping.

“Rabiu, the son of a businessman, set up his own business in 1988, importing rice, sugar and edible oils as well as iron and steel rods.”
Commenting on Adenuga, the Forbes report said: “He built his fortune in oil production and telecom.

“His mobile telecom outfit, Globacom, has over 25 million subscribers in Nigeria and the Republic of Benin.

“He also owns Conoil Producing, a large indigenous oil exploration company.

“Adenuga studied in the United States and went into business for himself in Nigeria, starting by running his mother’s sawmill business, distributing lace and Coca-Cola.

“He hit the big time when the military regime of former President Ibrahim Babangida awarded him construction contracts and his first oil prospecting license with which he became the first Nigerian to strike oil in commercial quantities.”

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