Nigeria’s top business magnates, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, have secured spots on the prestigious Africa’s Billionaires List for 2025, released by Forbes on Saturday.
For the 14th consecutive year, Dangote maintained his position as Africa’s richest individual, with his net worth soaring to $23.9 billion, a significant rise from $13.9 billion the previous year.
The surge in his fortune was largely attributed to Forbes incorporating the valuation of his massive refinery into its assessment.
Dangote, through his conglomerate, the Dangote Group, has business interests spanning multiple sectors, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, as well as oil & gas and fertiliser projects.
Meanwhile, telecoms and oil tycoon Adenuga ranked fifth on the list, amassing a net worth of $6.8 billion, while industrialist Rabiu, owner of BUA Group, was valued at $5.1 billion.
Adenuga’s Globacom remains a leading force in the African telecommunications industry, whereas Rabiu continues to expand his footprint in cement, sugar, oil, and other key industries.
Otedola, known for his investments in power and finance, emerged as the 16th wealthiest individual on the continent, with his net worth surging by over 30% within a year to reach $1.5 billion.
According to Forbes, his financial growth made him one of Africa’s fastest-rising billionaires, second only to South African businessman Johann Rupert, whose fortune grew by 39%.
A seasoned entrepreneur, Otedola has played a pivotal role in various industries. He is the Chairman of Geregu Power Plc, Nigeria’s first publicly traded power-generating company, and also chairs First Holdco Plc (formerly FBN Holdings Plc), a financial conglomerate with operations in banking, capital markets, insurance brokerage, and trusteeship across Africa.
Beyond business, Otedola is a committed philanthropist and a key supporter of Save the Children, a global nonprofit dedicated to improving the lives of vulnerable children. His significant financial contributions have earned him the position of Vice President within the organization.
Forbes acknowledged his financial strides, stating, “Another billionaire whose fortune grew by more than 30 per cent was Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged by approximately 40 per cent in the past year following a rise in revenue and profits.”
The Forbes Africa’s Billionaires List ranks individuals whose primary businesses and wealth are rooted in the continent. Net worth calculations were based on stock prices and exchange rates as of March 7, 2025.
Comparisons were drawn from the previous year’s list, published in January 2024, with Forbes applying industry-standard valuation methods to privately held enterprises.
For the first time, the collective wealth of Africa’s billionaires exceeded $100 billion, as their total fortunes climbed to $105 billion, marking an increase from $82.4 billion in 2024.
The number of billionaires also grew, rising from 20 to 22.
South Africa emerged as the nation with the highest number of billionaires, with seven individuals making the cut. Nigeria and Egypt followed closely, each contributing four billionaires to the elite list.
