Nigeria’s top business magnates—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—have once again earned their places on the 2025 Forbes Africa’s Billionaires List, making them the only Nigerians among the continent’s wealthiest individuals. The list, released on Saturday, highlights their growing fortunes and continued influence in key industries.
Dangote Leads for the 14th Consecutive Year
For the 14th year in a row, Aliko Dangote remains Africa’s richest person, with a staggering $23.9 billion net worth, a sharp rise from $13.9 billion in the previous year. This remarkable increase is largely attributed to Forbes factoring in the value of Dangote’s refinery, which has significantly boosted his wealth.
The Dangote Group, one of Africa’s largest conglomerates, spans multiple sectors, including cement, sugar, flour, salt, seasonings, pasta, beverages, real estate, oil & gas, and fertilisers. Dangote’s continued dominance on the list reflects the strength of his diversified investments and expansion efforts.
Adenuga and Rabiu Maintain Strong Positions
Mike Adenuga, founder of Globacom, ranked fifth on the list, with a net worth of $6.8 billion. His telecommunications company, Globacom, is one of Africa’s leading mobile service providers, boasting millions of subscribers across Nigeria and other West African countries.
Abdulsamad Rabiu, chairman of the BUA Group, follows with a $5.1 billion fortune. BUA Group operates in multiple sectors, including cement, sugar, oil refining, and infrastructure, positioning Rabiu among Nigeria’s most influential industrialists.
Otedola’s Rapid Wealth Growth
Femi Otedola, one of Nigeria’s most prominent business leaders, ranked 16th on the list with a net worth of $1.5 billion, marking an over 30% increase from the previous year. According to Forbes, Otedola’s fortune grew at one of the fastest rates, second only to South African billionaire Johann Rupert, whose wealth surged by 39%.
Otedola has made significant strides in power generation and financial services. He is the chairman of Geregu Power Plc, Nigeria’s first electricity-generating company to be publicly listed on the Nigerian Exchange (NGX) in October 2022. His investments also extend to First Holdco Plc (formerly FBN Holdings Plc), a leading financial institution with subsidiaries in commercial banking, capital markets, trusteeship, and insurance brokerage.
Beyond business, Otedola is a dedicated philanthropist. He has donated billions of naira to Save the Children, a global non-profit supporting vulnerable children, and serves as a Vice President of the organization in recognition of his contributions.
Africa’s Billionaire Wealth Hits Record High
Forbes reported that Africa’s total billionaire wealth has surpassed $100 billion for the first time. The 22 billionaires on the list collectively hold $105 billion, up from $82.4 billion last year, when only 20 billionaires were listed.
South Africa leads the continent with the highest number of billionaires (seven), followed by Nigeria and Egypt, each with four billionaires.
Forbes calculated net worths based on stock prices and currency exchange rates as of March 7, 2025. For privately held businesses, the publication estimated valuations using revenue, profit metrics, and market comparisons.
The continued rise of Nigeria’s wealthiest individuals underscores the country’s growing economic influence and the expanding opportunities within Africa’s private sector.
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