Business moguls Aliko Dangote, Mike Adenuga, Femi Otedola and Abdulsamad Rabiu have been named among Africa’s billionaires in Forbes’ 2025 ranking.
The quartet are the only Nigerians on the exclusive list published on Saturday, March 29, 2025.
Forbes reported that the collective wealth of Africa’s 22 billionaires increased from $82.4 billion in 2024 to $105 billion, with two new entrants joining the ranks.
Dangote, owner of Dangote Petroleum Refinery, retained his position as Africa’s richest man with a net worth of $23.9 billion, a significant rise from $13.9 billion the previous year.
The international magazine attributed his financial growth to the valuation of his refinery.
“Forbes attributed the Nigerian industrialist’s increase in wealth to the valuation of his refinery facility, which was factored into the overall calculation of the net worth.”
Adenuga, chairman of telecommunications giant Globacom, was ranked fifth in Africa with a fortune of $6.8 billion. Rabiu, who heads BUA Group, followed closely in sixth place with $5.1 billion.
Otedola, chairman of FBN Holdings Plc, was ranked 16th with a net worth of $1.5 billion.
“Forbes noted that South Africa had the largest number of billionaires this year, with seven, followed by four from Nigeria and four from Egypt.
“The list also includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one from Tanzania (Mohammed Dewiji), and one (Masiyiwa) from Zimbabwe.
“Our list tracks the wealth of African billionaires who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen, and South African Nathan Kirsh, who operates from London,” Forbes explained.
“Net worths were calculated using stock prices and currency exchange rates from the close of business on March 7, 2025,” the international magazine stated.
