Nigeria’s wealthiest businessmen—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—have once again secured their places on Forbes Africa’s Billionaires List for 2025, reaffirming their dominance in the continent’s economic landscape.
For the 14th consecutive year, Dangote topped the list with an estimated net worth of $23.9 billion, a substantial increase from $13.9 billion the previous year. The surge in his fortune is attributed largely to the valuation of his Dangote Refinery, a key addition to his diversified business empire that spans cement, sugar, flour, salt, pasta, and oil & gas.
Telecommunications mogul Mike Adenuga, owner of Globacom, ranked fifth on the list with a net worth of $6.8 billion, while Abdulsamad Rabiu, chairman of BUA Group, stood at $5.1 billion. Their investments in sectors such as cement, sugar, and oil continue to drive their wealth.
Femi Otedola emerged as the 16th richest person in Africa, with his net worth rising over 30% in the past year to $1.5 billion. His company, Geregu Power Plc, played a significant role in this growth, with its stock price surging by approximately 40% following increased revenue and profits. Otedola also serves as Chairman of First Holdco Plc, the parent company of First Bank Nigeria.
According to Forbes, Africa’s 22 billionaires now hold a combined wealth of $105 billion, surpassing the $100 billion mark for the first time. South Africa led with seven billionaires, while Nigeria and Egypt each had four representatives on the list.
Forbes calculated net worths using stock prices and currency exchange rates as of March 7, 2025, and benchmarked changes against its 2024 billionaire rankings.
