Four prominent Nigerian entrepreneurs—Aliko Dangote, Femi Otedola, Mike Adenuga, and Abdulsamad Rabiu—have secured positions on the esteemed 2025 Forbes Billionaires List, published on Saturday, March 29.
Dangote, who has maintained his status as Africa’s wealthiest individual for 14 consecutive years, experienced a notable surge in his net worth, climbing from $13.9 billion in 2024 to $23.9 billion. Forbes attributed this rise to the valuation of his highly anticipated Dangote Refinery, which commenced operations last year.
“For the 14th consecutive year, Aliko Dangote of Nigeria leads the list with an estimated net worth of $23.9 billion, up from $13.9 billion last year,” Forbes reported.
Telecommunications tycoon and Globacom chairman Mike Adenuga ranked as Africa’s fifth-richest person, with a net worth of $6.8 billion, while BUA Group’s Abdulsamad Rabiu followed in sixth place with $5.1 billion. Meanwhile, Femi Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, was ranked joint 16th with an estimated fortune of $1.5 billion. Forbes attributed Otedola’s financial growth to the performance of Geregu Power Plc, whose shares surged by 40% over the past year due to increased revenue and profitability.
South Africa led the continent in billionaire representation, with seven individuals, followed by Nigeria and Egypt with four each. Morocco had three billionaires, while Algeria, Tanzania, and Zimbabwe had one each.
Forbes described 2025 as a landmark year for African billionaires, as their collective wealth exceeded $100 billion for the first time. “The combined net worth of Africa’s 22 billionaires rose to $105 billion, up from $82.4 billion last year. Generating this level of wealth in a region facing political instability, currency fluctuations, and challenging consumer markets is no small achievement,” the report noted.
