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Nigeria: Forbes puts Dangote, Adenuga, Abdulsamad, Otedola’s combined net worth at $26 billion

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In the latest publication of wealth measurement across the globe, Forbes Magazine has listed businessmen Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola, as the top richest Nigerians in 2024.

The four Nigerians are heads of leading conglomerates; the President/Chief Executive of the Dangote Group; BUA Group Chairman, Globacom boss, and the Executive Chairman of Geregu Power PLC.

According to the Forbes Real-Time Billionaires report, which was published on Tuesday, the combined wealth of the top three businessmen in Nigeria decreased somewhat by 11.23% to $25.3 billion. The amount was $3.2 billion less than the $28.5 billion the corporate moguls reported in 2023.

According to a breakdown, the Dangote group founder’s wealth dropped from $14.2 billion in 2023 to $13.4 billion. While Adenuga’s fortune climbed from $6.1 billion to $6.7 billion in just one year, the chairman of the BUA group saw a slight decline in wealth as well, from $8.2 billion in 2023 to $5.2 billion in 2024.

With a $1.4 billion total net worth, Nigerian business tycoon Otedola was announced as the newest member of the billionaire list.

Dangote was billed as the richest Black man in the world and the richest man in Africa when he was included at number 144 on the list. His economic empire, the Dangote Group, is the most valuable conglomerate in West Africa and one of the biggest employers in the private sector in Nigeria.

Adenuga, a Nigerian billionaire businessman, is listed at number 409 on Forbes’ list. His company, Globacom, is the country’s second-largest telecom provider, with operations in Ghana and the Benin Republic. He has stock in Conoil, an oil exploration company. In 2024, Forbes projected his net worth to be $6.7 billion.

Founder and chairman of BUA Group, a Nigerian conglomerate focused on manufacturing, infrastructure, and agriculture with turnover exceeding $2.5 billion, Rabiu is a millionaire businessman and philanthropist from Nigeria. He was placed 581st on the Forbes list.

Otedola is the executive chairman of Geregu Power Plc and a philanthropist and businessman from Nigeria. He has a $1.4 billion net worth and is ranked 2,152. In addition to founding Zenon Petroleum and Gas Limited, he is the proprietor of numerous other companies in the financial, real estate, and shipping industries. As part of Nigeria’s industry liberalization, he just invested in the production of electricity.

Globally, there are 2,781 individual billionaires, according to Forbes. It declared 2024 to be the year of the world’s billionaires, whose wealth keeps rising as stock markets around the world ignore conflict, political turmoil, and persistent inflation.

Musings From Abroad

Seeking to expand ties in Africa, Indonesia’s Prabowo attends D-8 economic meeting in Egypt

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According to the government, Indonesian President, Prabowo Subianto, travelled to Egypt on Tuesday to attend meetings of the D-8 Organisation for Economic Cooperation, a group of eight significant Muslim developing nations.

To enhance collaboration between the nations spanning from Southeast Asia to Africa, the D-8 was formed in 1997 and consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. Beginning in January 2026, Indonesia will serve as the group’s chair.

Prabowo said that he would meet with Abdel Fattah al-Sisi, the president of Egypt.

“Egypt is our close friend, our strategic partner and an important country in the Middle East,” he said before his departure, adding he would also meet the Egyptian business community.

He would go to Malaysia from Egypt and then return to Indonesia.

Since taking office in October, Prabowo has stated that his administration will uphold Indonesia’s long-standing non-alignment foreign policy.

Since winning the presidency earlier this year, he has been to more than 20 nations, including China, the US, Japan, and Russia.

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Musings From Abroad

UN warns Sudan rebels may be getting weapons in Chad from UAE cargo planes

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Flight data and satellite photographs reveal that dozens of UAE cargo planes have landed at a small Chad airstrip since Sudan’s civil war began last year, which some U.N. experts and diplomats fear is being used to transport guns into the fight.

At least 86 UAE planes have landed at Amdjarass airfield in eastern Chad since the war started in April 2023.

According to flight data and business records examined by Reuters, three-quarters of them were operated by airlines accused by the U.N. of transporting Emirati weaponry to a Libyan warlord.

The UAE, a key Western partner in the Middle East, insists it sends Sudan aid through Chad, not armaments.

The UAE denied “credible” allegations that it was supplying Sudan’s Rapid Support Forces (RSF), a paramilitary group fighting the Sudanese army in a conflict that has killed tens of thousands and displaced millions, via the Chad airstrip in January.

Reuters uncovered footage from Amdjarass this year, revealing two pallets loaded with khaki containers, some labelled with the UAE flag, on the tarmac.

Reuters is obscuring the footage’s date and provenance for fear of reprisals.

Three weapons specialists, two of whom were U.N. inspectors, said the containers were unlikely to convey humanitarian material, generally bundled in cardboard boxes coated in plastic and stacked high on pallets due to its lightweight. The footage shows metal containers packed low on pallets.

One U.N. weapons inspector said the contents were “highly probably ammunition or weapons, based on the design and colour of boxes,” but requested anonymity due to the sensitivity of the information.

He stated that right-hand pallet cases are long and slender, suggesting weaponry.

Reuters could not independently verify the containers’ contents. The filming date is being withheld to protect the source.

The UAE government told Reuters it has deployed 159 relief planes with more than 10,000 tonnes of food and medical assistance to feed its Amdjarass field hospital.

“We firmly reject the baseless and unfounded claims regarding the provision of arms and military equipment to any warring party since the beginning of the conflict,” the statement said.

To counter Islamist militants, the oil-rich Gulf kingdom has interfered in crises from Yemen to Libya since the Arab Spring protests of 2011. The UAE views Muslim Brotherhood and other groups as threats to internal stability.

In Sudan’s army, Islamists affiliated with deposed President Omar al-Bashir have long held power.

Senior RSF official Brigadier General Omar Hamdan rejected foreign help. He told Nairobi media on Nov. 18 that Sudanese firms made its guns and ammunition. The RSF declined to comment on this topic.

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