Why Are Tony Elumelu and Adeleke Missing from Forbes?

Forbes’ Billionaire List is often seen as the ultimate ranking of financial success, highlighting the world’s wealthiest individuals. Given their immense influence in business, many expected to see Tony Elumelu and Dr. Adedeji Adeleke on the list. 

However, their absence raises an important question: why are these high-profile Nigerian business leaders missing?

How the billionaire list works

Forbes determines a billionaire’s status based on personal net worth, which includes assets like privately owned businesses, stock holdings, and other investments. 

However, it does not automatically count the total value of a company, especially if the individual is not its sole owner.

Tony Elumelu’s wealth and the forbes criteria

Tony Elumelu, the chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), is a major player in Africa’s financial sector. His companies handle billions of dollars, but that doesn’t necessarily make him a billionaire by Forbes’ standards.

While he holds significant shares in Transcorp and UBA, his stake is not large enough when measured in U.S. dollars, to push his personal net worth above the billion-dollar mark. Since Forbes evaluates individual wealth, not corporate value, Elumelu remains absent from the list.

The case of Adedeji Adeleke

Dr. Adedeji Adeleke, a prominent investor with multiple businesses, particularly in the power sector, is another notable name missing from Forbes’ rankings. His companies, collectively valued at billions, are owned by multiple stakeholders. 

Even though Adeleke holds the largest share, his personal stake does not reach the billion-dollar threshold required by Forbes.

The difference between company value and personal wealth

A common misconception is that when a company is valued at several billion dollars, its owner or largest shareholder must be a billionaire. However, this is not the case. Public Limited Companies (PLCs) have multiple shareholders, meaning the total company value does not belong to a single individual.

Elumelu and Adeleke wield enormous influence, but their wealth is tied to shared ownership structures rather than private billion-dollar fortunes.

Why influence doesn’t always mean inclusion

Forbes’ methodology highlights the difference between financial influence and billionaire status. While Elumelu and Adeleke contribute immensely to Nigeria’s economy, their assets do not meet the strict valuation criteria that determine who makes the list.

This reality underscores how wealth rankings work and why being an influential business leader does not always translate to a Forbes billionaire status.