The $100-million increase in his net worth in June follows a $300-million decline in May.
Elumelu is the chairman of Heirs Holding.
Rabiu is now Africa's fifth-richest man.
Adenuga derives the majority of his wealth from his telecom company and his investments in the Nigerian oil industry.
But with his fortune of $20.3 billion, he remains Africa's richest man.
The transaction is expected to have an impact on Otedola's dividend earnings.
So far this year, the company's share price has increased by 45.4 percent.
The total value of Rabiu's shares in publicly traded companies is now more than $8.6 billion.
Otedola is the largest stakeholder in the financial services provider.
Dangote's net worth has risen by more than $1.88 billion this year.