Aliko Dangote, Femi Otedola, Mike Adenuga, and Abdulsamad Rabiu have been included in the 2025 Forbes Billionaires list, released on March 29. These four businessmen are the only Nigerians featured, with Dangote once again leading the continent’s wealthiest individuals.
Dangote, the owner of Dangote Refinery, saw a remarkable increase in his net worth, rising from $13.9 billion in 2024 to $23.9 billion, securing his position as Africa’s richest person for the 14th consecutive year. Forbes noted, “Aliko Dangote of Nigeria tops the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago. The big jump is primarily due to Forbes adding the value of his refinery, which opened last year after long delays.”
Adenuga, chairman of Globacom, was ranked as the fifth richest African, with a net worth of $6.8 billion. Rabiu of BUA Group followed in sixth place with an estimated $5.1 billion. Otedola, chairman of First Bank of Nigeria Holdings, was listed in joint 16th place with a net worth of $1.5 billion.
Forbes also highlighted Otedola’s growing wealth, stating, “Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of Geregu Power Plc, saw a more than 30% increase in his fortune. Shares of Geregu surged around 40% this past year, following a rise in revenue and profits.”
The report also revealed that South Africa leads the continent with the highest number of billionaires, with seven individuals on the list, followed by Nigeria and Egypt, both with four. Morocco has three billionaires, while Algeria, Tanzania, and Zimbabwe each have one.
Forbes described 2025 as a historic year for Africa’s wealthiest, with the combined wealth of the continent’s billionaires surpassing $100 billion for the first time. “Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year. It’s no small feat to generate this level of wealth on the continent, where political uncertainty, currency crises, and challenging consumer markets are routine,” the magazine stated.