Billionaires Struggled More Under Buhari—Here’s Why

The passing of former President Muhammadu Buhari has brought about a national reflection about what worked during his time in office, and what didn’t. Between 2015 and 2023, Nigeria battled two recessions, staggering inflation, and a currency crisis that took a heavy toll on millions. 

But amid all this, we need to look at how Nigeria’s richest citizens turned out. Contrary to what many might assume, Buhari’s tenure wasn’t exactly a golden age for the country’s billionaires. 

Some thrived, yes, but many saw their fortunes tumble, dragged down by volatile policies, unpredictable regulations, and an economy constantly under pressure.

Here’s a look at the winners, the losers, and why the super-rich weren’t spared from Buhari’s storm.

Aliko Dangote – Billion-Dollar Projects, Billion-Dollar Losses

Aliko Dangote entered Buhari’s presidency as Africa’s richest man, and left still holding that title. But the journey was far from smooth.

At the start of Buhari’s administration, Dangote’s net worth hovered around $22 billion. By the end, it had fallen to roughly $14.2 billion.

On the surface, this seems surprising. After all, this was the era when Dangote completed the Dangote Refinery, a $19 billion mega project and one of the most ambitious industrial undertakings in Africa’s history. 

His cement business also expanded aggressively across the continent, and his fertilizer plant came online as one of the largest on the continent.

But underneath that success were some painful challenges. The foreign exchange crisis and naira devaluations made it costlier to import machinery and raw materials. 

Border closures disrupted trade routes. Inflation forced pricing adjustments that squeezed profit margins. Dangote’s dominance gave him some insulation, but not immunity.

Verdict: Net loser. Big growth, but bigger headwinds.

Mike Adenuga – Quiet Giant

Mike Adenuga, the man behind Globacom and Conoil, kept a low profile during the Buhari years, but his net worth told a louder story.

His fortune dropped from an estimated $10 billion in 2015 to around $6.1 billion by the end of 2023.

Glo held its own in the telecom space, growing to over 55 million subscribers and riding the wave of digital transformation accelerated by the pandemic. The government’s push for a digital economy helped, too.

Still, naira devaluations and oil sector instability hit hard. Conoil posted some bright spots, especially when oil prices recovered, but that wasn’t enough to fully shield his wealth.

Verdict: Net loser. Solid performance, but dragged down by broader economic instability.

Abdulsamad Rabiu – The Breakout Billionaire

If there was one big winner during Buhari’s presidency, it was Abdulsamad Rabiu.

The BUA Group founder saw his wealth skyrocket from $1 billion in 2015 to over $8.2 billion by 2023, an eightfold increase.

How did he pull it off? Cement and food. As the government pushed for more local production and infrastructure development, BUA Cement expanded rapidly, becoming a stock market favorite.

Meanwhile, Rabiu launched BUA Foods, bundling together his sugar, rice, and flour businesses. Investors loved it.

His low-pricing strategy gave him a strong foothold without taking direct aim at Dangote. He also explored renewable energy and industrial power, aligning with the government’s energy diversification goals.

Verdict: Net gainer. Smart expansion, well-timed listings, and policy alignment paid off.

Femi Otedola – The Exit Strategist Who Faded, Then Re-emerged

Femi Otedola’s time under Buhari was marked by reinvention. He sold off his stake in Forte Oil, pivoted away from the downstream oil sector, and re-entered the spotlight as an investor.

He shook up Nigeria’s financial scene with a surprise stake in First Bank and later took his Geregu Power company public, Nigeria’s first listed power generation firm.

But these moves came after his net worth had taken a beating. From a high of $1.8 billion in 2015, Otedola’s fortune dropped below $1 billion and he even fell off the 

Forbes billionaire list for a time. It wasn’t until after Buhari’s exit that he began climbing back, returning to billionaire status in 2024.

Verdict: Net loser (during Buhari). Bold moves, but not enough to beat the economic tide.

No New Billionaires, Just Survivors

Perhaps one of the most telling signs of Buhari’s economic climate is that no new Nigerian dollar-billionaires emerged during his time in office. The club remained small and for most of its members, even staying in the game was a challenge.

While Rabiu thrived, others like Adenuga and Otedola saw their fortunes shrink. Dangote managed to weather the storm with major projects but still ended up with a smaller fortune than he started with.

The culprits? A shaky naira. Inflation. Policy swings. An oil-dependent economy struggling to find balance. Buhari’s emphasis on industrial self-sufficiency helped some, but his handling of monetary policy and border management left many businesses scrambling.

Being a billionaire doesn’t guarantee immunity from a troubled economy. Under Buhari, Nigeria’s wealthiest saw just how vulnerable even the biggest empires can be.

But overall? Buhari’s legacy among Nigeria’s richest may be best summed up like this: tough times at the top.