Abdulsamad Rabiu has overtaken Mike Adenuga to become Nigeria’s second-richest man, according to the latest Forbes Billionaires List update.

The shake-up in rankings comes as Rabiu’s net worth surged by $365 million in a single day, pushing his net worth to $6.3 billion.

According to forbes latest ranking, Rabiu is the 572nd place globally ahead of Adenuga, despite having the same net worth of $6.3 billion.

Adenuga who now ranks lower at 578th recorded a $4 million increase in his wealth.

Rabiu return to the second

BUA chairman lost his second position to Adenuga in 2024 after Forbes revaulation of Globacom. For almost a year, Rabiu has be,en ranked below Adenuga in the world billionaire ranking.

Aliko Dangote remains firmly at the top of Nigeria’s billionaire list and continues to hold the title of Africa’s richest man with a net worth of $24.5 billion.

However, Dangote recorded a $48 million loss on the day under review, though it had minimal impact on his global ranking, where he now sits at 85th.

To complete the Nigerian billionaire list Femi Otedola, the chairman of First Bank who has a net worth of $1.4 billion.

Here is snapshot of Nigeria's richest billionaires

As at August 1, 2025, these are the richest men in Nigeria and their net worth.

Aliko Dangote – $24.5 billion
Abdulsamad Rabiu – $6.3 billion
Mike Adenuga – $6.3 billion
Femi Otedola – $1.5 billion

Here is a snapshot of Nigerian billionaires' wealth source

Aliko Dangote (Age 68)

Africa's richest person controls Dangote Industries, a closely held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa's biggest cement producer, Dangote Cement, and the continent's largest oil refinery. It also has interests in sugar, salt, oil, fertilizer and packaged food.

Abdulsamad Rabiu (Age 64)

Rabiu is the founder of BUA Group, one of Nigeria's biggest conglomerate with business interest in cement and sugar industries and also oil and gas. He also owns 95% of publicly traded food conglomerate BUA Foods.

His recent gains are likely tied to rising valuations of BUA Cement and other assets following the rise in Nigeria stocks market.

Mike Adenuga (Age 72)

Despite his long-standing position as Nigeria’s second-richest man, Adenuga’s wealth has remained largely unchanged.

He built his fortune in telecommunications and oil production.

His mobile phone network, Globacom, is the third-largest operator in Nigeria, with more than 17 million subscribers. His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.

Femi Otedola (Age 62)

Chairman of First Bank and a strategic investor in the energy sector, Otedola’s net worth stands at $1.5 billion after a modest $2 million gain. He now ranks 2,370th globally.