A mid-year review: 2024’s Most active Nigerian billionaires

As the first half of 2024 concludes and we approach the second half of the year, Nigeria’s high-net-worth individuals have been diligently managing their finances and strategizing for expansion amid the country’s challenging business environment.

With inflation exerting pressure on capital and market dynamics, Nairametrics examines some of Nigeria’s wealthiest individuals and activities throughout the year.

While Nigeria boasts only four billionaires in dollar terms, this article focuses on billionaires in naira terms to provide a more localized perspective.

This approach considers factors such as naira devaluation, inflation, and other financial peculiarities unique to the Nigerian economy.

Many of the billionaires highlighted in this article are prominent figures on the Nigerian Stock Exchange, offering insights into their businesses and the impact of their activities on the broader market environment.

Without further ado, let’s delve into the achievements and endeavors of some of Nigeria’s most active billionaires in the first half of 2024.

AbdulSamad Rabiu

AbdulSamad Rabiu, one of Nigeria’s prominent billionaires and a notable figure on the Forbes billionaire index, has made significant strides in 2024. Known for his substantial stakes in BUA Cement and BUA Foods, Rabiu continues to influence both business and philanthropy in Nigeria.

• This year, the Federal Executive Council (FEC) approved a N120 billion project for the equalization of the Okpella section of the Lokoja-Benin road, to be financed by BUA Cement Plc under the tax credit scheme. This initiative reflects Rabiu’s commitment to infrastructure development in Nigeria.
• In addition, the Abdul Samad Rabiu Initiative for Africa, in collaboration with BUA Foods, donated foodstuffs and a N10 million grant to widows in Lagos to mark the 2024 International Widows’ Day.
• The grant and products were distributed at the International Women Society’s Widows Feast and Empowerment programme in Lagos, demonstrating Rabiu’s dedication to social causes.
• In February 2024 BUA Foods company has invested over $200m in its integrated sugar estate in Lafiagi, Kwara State.

As of June 28, 2024, BUA Cement has a market capitalization of N4.8 trillion, while BUA Foods is valued at N6.8 trillion. Rabiu’s ventures continue to thrive, solidifying his status as a key player in Nigeria’s economic landscape.

Jim Ovia

Jim Ovia, founder of Zenith Bank, one of Nigeria’s leading financial institutions, took on the role of Chairman of the Board of the Nigerian Education Loan Fund (NELFUND) in April 2024. This move aims to bolster access to higher education and skill development for Nigerian students and youth.

Ovia, often referred to as the “Godfather of Banking” by Forbes Africa, has seen Zenith Bank grow from its initial $4 million in shareholders’ funds to become one of Africa’s largest banks, with assets exceeding $16 billion. Under his leadership, Zenith Bank has gained international recognition and is valued at N1.1 trillion on the Nigerian stock exchange.

Ovia’s new role with NELFUND shows his commitment to improving educational opportunities in Nigeria, paralleling his success in the banking industry

Tony Elumelu

Tony Elumelu, Chairman of United Bank for Africa (UBA) and the Tony Elumelu Foundation (TEF), has made significant strides in 2024 through his business travels and projects.

• On February 29, Harvard University launched a case study on TEF, highlighting its global impact.
• By March 22, TEF announced the successful entrepreneurs selected for its tenth cohort in the TEF Entrepreneurship Programme, bringing the total to 20,000 young African entrepreneurs who have benefited from funding, mentoring, and capacity-building support—double the initial commitment. In May, TEF released its 2024 TV commercial, a compelling advertisement designed to inspire and empower young African entrepreneurs through its flagship Entrepreneurship Programme.
• Transnational Group listed Transcorp Power on the Nigerian Stock Exchange on March 4, 2024.

Elumelu has been at the forefront this year, attending conferences and forums while advocating for improved health policies, power management, and youth empowerment.

His active participation in these events and his continuous efforts to support entrepreneurship highlight Elumelu’s dedication to fostering economic growth and development across Africa. Through TEF and UBA, he continues to make a lasting impact on the continent’s entrepreneurial landscape. UBA has a market capitalisation of N767 billion as of June 28, 2024.

Femi Otedola

Nigerian billionaire investor Femi Otedola, known for his strategic market activities, has had a busy 2024. In January, he issued a statement explaining his recent acquisition of shares in Dangote Cement, one of Nigeria’s largest companies. This move saw Dangote Cement stocks appreciate by 29% in the week of his purchase, though the extent of his holdings remains unclear.

Otedola, recognized by Nairametrics for his impactful stock market activities, played a significant role in the market’s bull run in 2023. His stock-picking acumen continues to drive market trends and investor confidence. FBNH has a market valuation of N756.1 billion while Geregu Power plc is valued at N2.5 trillion as of June 28, 2024.

Aliko Dangote

Africa’s richest man and Nigeria’s foremost businessman, Aliko Dangote, has had an eventful 2024 half-year, marked by significant achievements and strategic moves.

• In February, Dangote received the National Order of the Lion, Senegal’s highest honor, from President Macky Sall, recognizing his contributions to economic development.
• Dangote also joined President Tinubu’s economic advisory committee, featuring notable private sector leaders like Femi Otedola, Tony Elumelu, and Abdul Samad Rabiu. This 17-member committee aims to drive economic policy and reforms in Nigeria.
• Furthering his influence, the Aliko Dangote Foundation (ADF), in partnership with the World Economic Forum (WEF) and the Forum of Young Global Leaders (YGL), announced the 2024 class of YGL Dangote Fellows, supporting emerging leaders tackling global challenges.
• At the Africa CEO Forum in Kigali, Rwanda, Dangote outlined plans for his refinery to supply refined products across Africa. He also secured $5.5 billion in bank loans to build the refinery, revealed at the African Caribbean Trade and Investment Forum in the Bahamas.

Looking ahead, Dangote plans to enter steel production, aiming to make Nigeria the primary steel supplier in West Africa. In May, he announced potential dual listings of the Dangote refinery on the London and Nigerian stock exchanges by year’s end. The refinery commenced production and supply of diesel and aviation fuel earlier in the year.

The Dangote Foundation also gave out over 1 million 10kg rice distributed across 17 states and 774 local governments in Nigeria. Dangote Cement has a N11.1 trillion market cap while Dangote Sugar has a N522 billion market cap as of June 28, 2024.