Nigerian business magnates Aliko Dangote, Femi Otedola, Mike Adenuga, and Abdulsamad Rabiu have been named in the 2025 Forbes list of Africa’s billionaires.
Forbes released the list on Saturday, with Dangote retaining his position as Africa’s richest person for the 14th consecutive year. The billionaire industrialist, who owns the Dangote Refinery, saw his net worth surge to $23.9 billion, a significant rise from $13.9 billion in 2024. The increase was attributed to the valuation of his Lagos-based refinery, which commenced operations after years of delays.
Globacom chairman Mike Adenuga secured the fifth position on the continent with an estimated net worth of $6.8 billion, while BUA Group founder Abdulsamad Rabiu ranked sixth with $5.1 billion.
Femi Otedola, chairman of First Bank of Nigeria Holdings Plc and Geregu Power Plc, was listed in 16th place with a net worth of $1.5 billion. His fortune saw a 30% increase, driven by the strong performance of Geregu Power, which experienced a 40% surge in revenue and profits over the past year.
South Africa led the ranking with seven billionaires, followed by Nigeria and Egypt, each with four. The list also featured billionaires from Morocco, Algeria, Tanzania, and Zimbabwe.
Forbes highlighted that Africa’s wealthiest individuals collectively amassed a record-breaking $105 billion in 2025, surpassing the $82.4 billion reported in the previous year. The magazine noted that achieving such financial success on the continent remains a challenge due to economic instability, currency fluctuations, and political uncertainties.
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