Nigeria's Adebayo Ogunlesi joins Forbes billionaires list with $1.7-billion fortune

Omokolade Ajayi -
Key Points
  • Adebayo Ogunlesi, CEO of GIP, has joined Nigeria's ranks of billionaires with a net worth of $1.7 billion.
  • A recent $12.5-billion deal with BlackRock significantly contributed to Ogunlesi's wealth increase.
  • Nigeria now ties with Egypt for the second-highest number of billionaires in Africa, following South Africa.

Adebayo Ogunlesi, renowned for his work ethic and transformative impact in infrastructure management, has solidified his position as one of the world’s wealthiest individuals, with his net worth surging to $1.7 billion.

This milestone secures his spot as Nigeria’s fifth billionaire and further bolsters Africa’s growing roster of high-net-worth individuals.

Forbes' latest valuation confirms a shift just eight months after Bloomberg reported Ogunlesi’s rise among Africa’s billionaires.

Bloomberg had estimated his wealth at $2.3 billion following a monumental $12.5-billion deal with BlackRock, Inc., the world’s largest asset manager.

Ogunlesi, 70, is the chairman, CEO, and co-founder of Global Infrastructure Partners (GIP), a New York-based infrastructure investment firm. His current standing places him among the world’s top 2,000 wealthiest individuals, ranking 1,945th.

GIP's mega-deal with BlackRock boosts Adebayo Ogunlesi's fortune

The surge in Ogunlesi’s wealth is closely tied to GIP’s billion-dollar deal with BlackRock, finalized in Jan. 2024. This strategic alliance, valued at $12.5 billion, is set to establish a leading multi-asset class infrastructure investment platform.

The transaction included a $3-billion cash component and the issuance of approximately 12 million shares of BlackRock common stock, collectively valued at $9.5 billion.

The deal concluded in the fourth quarter of 2024, brings together a combined client AUM exceeding $150 billion across equity, debt, and solution-oriented investments.

Beyond his GIP, Ogunlesi’s extensive career includes a tenure as Lead Director at Goldman Sachs Group, Inc., and board positions at several high-profile companies such as Callaway Golf Company, Kosmos Energy Holdings, Terminal Investment Limited, and Freeport LNG.

Ogunlesi's strategic genius expands GIP’s footprint

Ogunlesi’s career, spanning over two decades at Credit Suisse before co-founding GIP, has been characterized by his visionary leadership. His foresight extended GIP’s portfolio beyond traditional finance into sectors such as transportation, natural resources, and power generation. 

Under his leadership, GIP has evolved into the world’s largest independent infrastructure manager, overseeing more than $100 billion in assets, with infrastructure equity funds accounting for $60 billion of the firm’s portfolio.

Following the landmark deal with BlackRock, Ogunlesi and GIP’s founding partners will continue to steer the newly combined platform, leveraging their deep expertise in investment and operational enhancements. Ogunlesi’s influence is expected to extend further, with an anticipated appointment to BlackRock’s Board of Directors at the next scheduled meeting.

Nigeria's billionaire count grows as Ogunlesi joins elite club

Bayo Ogunlesi’s inclusion in Forbes’ billionaires list not only highlights his individual success but also enhances Nigeria’s representation among the world’s wealthiest.

With his addition, Nigeria, Africa’s most populous nation, now ties with Egypt, both boasting five billionaires on the list, while South Africa remains the African nation with the most billionaires, totaling six.

The tally for South Africa could have been higher had notable figures like former Glencore chairman Ivan Glasenberg and prominent transplant surgeon and businessman Patrick Soon-Shiong, both billionaires, been residents of the continent.