Aliko Dangote, Femi Otedola, Mike Adenuga, and Abdulsamad Rabiu have been named in the 2025 Forbes billionaires list, released on Saturday, March 29.
The four businessmen are the only Nigerians to feature on the prestigious lineup, with Dangote leading the continent’s wealthiest individuals.
Dangote, the owner of Dangote Refinery, has seen a significant 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. “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,” Forbes stated. “The big jump in his fortune is primarily due to Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays.”
Adenuga, chairman of Globacom, was ranked as the fifth richest African with a net worth of $6.8 billion, while Rabiu of BUA Group followed in sixth place with an estimated $5.1 billion. Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, was listed in joint 16th place with a net worth of $1.5 billion.
Forbes highlighted Otedola’s growing fortune, stating, “Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40% in the past year following a jump in revenue and profits. Two African billionaires who made the list in the past and then fell off are back on again.”
The report further revealed that South Africa led the continent with the highest number of billionaires, boasting seven individuals on the list, followed by Nigeria and Egypt with four each. Morocco had three billionaires, while Algeria, Tanzania, and Zimbabwe each had one.
Forbes described 2025 as a historic year for Africa’s wealthiest individuals, with the cumulative 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.