Celebrity, Cover Stories, People, Seat of Power

Nigeria’s top 5 richest lose almost half of their fortunes

Dangote,  $25 billion to $14.1 billion

Adenuga,  $4.7 billion to $2.8 billion

Otedola,  $1 billion to $1.72 billion

Alakija,  $2.5 billion to $1.47 billion

Rabiu,  $1.2 billion to $1.1 billion


The top 5 richest persons in Nigeria – Alhaji Aliko Dangote, Dr. Michael Adenuga, Femi Otedola, Mrs. Folorunsho Alakija and Alhaji Abdulramad Rabiu – have lost almost half of their fortunes by Sunday, January 24, 2016, according to Forbes.

From their combined net-worth at the height of their fortunes of $34.4 billion, they are now worth $21.17 billion! That’s a loss of about 38.4 percent of their fortunes…

Apart from 52 year old Otedola whose net worth jumped to $1.72 billion (from $1 billion), others lost a chunk of their fortunes.

Dangote moved from $25 billion to $14.1 billion; Adenuga, $4.7 billion to $2.8 billion; Alakija, $2.5 billion to $1.47 billion; and Rabiu, $1.2 billion to $1.1 billion.


Africa’s pride and its richest, 58 year-old Kano-born Alhaji Aliko Dangote whose interests span cement, sugar, flour and now oil, was at his peak on the rich list in March 2014 at number 23 with $25 billion net- worth.

On Sunday, January 24, 2016, he was worth $14.1 billion (that’s a difference of $9.9 billion!)

When he matched onto the Forbes list in March 2010, he was at number 463 with $2.1 billion net worth. By 2011, he was number 51, with $13.3 billion. In 2012, he stood at number 76, with $11.2 billion.

Over the years, he improved his ranking ($12 billion in 2012, $16.1 billion in March 2013, $20.8 billion in November 2013, and $25 billion in March 2014)…but the decline began by November 2014, with $21.6 billion and $14.7 billion in March 2015.

The father of three daughters again rose to $16.7 billion in November 2015…and now $14.1 billion at number 60 on the rich list.


Dr. Michael Adenuga, Jnr, 62 year-old father of seven children who looms large in oil (Conoil) and telecoms (Globacom) was number 267 in March 2013 with $4.7 billion net-worth at the peak of his fortunes, and by Sunday, January 24, 2016, he stood at number 640 with $2.8 billion (that’s a difference of $1.9 billion!).

When the philanthropist and quiet Ijebu billionaire strolled onto the list in March 2011, he was worth $2 billion and ranked number 595. By the next year (March 2012), he was at number 246 with $4.3 billion.

By November 2012, the billionaire with a big frame had $4.6 billion to his name.

He maintained a steady net-worth in March ($4.6 billion) and November 2014.

A drop to $4.2 billon was in March 2015. In November, his net worth stood at $3.5 billion.


On Sunday, January 24, 2016, Femi Otedola (who will be 52 on November 4, 2016) had $1.72 billion as his net-worth and was ranked number 1021. The oil tycoon, who’s married to Nana, has four children and some of the most beautiful objects of desire a man can have.

His lowest ranking was in November 2013 with $410 million, after his 2009 entry with $1.2 billion.

His net-worth rose to $900 million in November 2014 and $1 billion in March 2015 (making an appearance at number 1741 on the list). By November 2015, he perched comfortably with $1.6 billion.

Forte Oil president has his hands in property, and he’s investing heavily in lucrative sectors of the economy.

With his daily corporate uniform of white buba and sokoto brocade, the son of former governor of Lagos (Sir Michael Agbolade Otedola) is now Nigeria’s third richest person.


Mrs. Folorunsho Alakija became a public persona in the late 80s and early 90s as a fashion designer (Supreme Stitches) and later as President of Fashion Designers Association of Nigeria FADAN).

The 65 year-old mother of four sons stands proudly at number 1196 with $1.47 billion net-worth on Sunday, January 24, 2016. At her peak, in March and November 2014, she had $2.5 billion in net-worth.

Very grounded in oil (with FAMFA, which she owns with her husband, Modupe Alakija), she sauntered onto the Forbes rich list in November 2012, with $600 million.

By November 2013, she could count $2.5 billion.

The drop began in March 2015 with $2 billion, and by November 2015, it was $1.7 billion.

The style icon dressed late First lady, Maryam Babangida whose husband General Ibrahim Babangida, awarded Alakija’s company an oil prospecting license.


Alhaji Abdulsaad Rabiu, 55, whose interest borders on sugar, flour and cement, is at number 1506 with $1.1 billion. The founder of BUA Group has had mixed fortunes on the Forbes list. In 2011, he had $400 million net-worth, which he grew to $675 million in November 2012, and $1.2 billion in November 2013 and March 2014.

By November 2014, his net worth fell to $700 million, but rose to $1 billion in March and November 2015.



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