Olufemi Adeyemi
Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola have been named in the 2025 Forbes Billionaires List, highlighting Africa’s wealthiest individuals. The list, published on Saturday, includes 22 billionaires from the continent, with Nigeria accounting for four of them.Africa’s Billionaires See Wealth Surge
According to Forbes, the combined net worth of Africa’s billionaires rose to $105 billion, up from $82.4 billion in 2024. This significant increase was attributed to market gains and new business valuations.
Nigerian Billionaires on the List
Aliko Dangote – $23.9 billion
- Retains his position as Africa’s richest man.
- His wealth jumped from $13.9 billion in 2024, mainly due to the valuation of Dangote Petroleum Refinery, which was factored into his net worth for the first time.
The company boasts an annual production capacity of 48.6 million metric tons and operates in ten African nations. Following years of development, Dangote's fertilizer facility in Nigeria commenced operations in March 2022. Meanwhile, the Dangote Refinery, which started construction in 2016, is set to begin refining operations in early 2024.
- Ranks fifth in Africa, 479 in the world.
- The Globacom chairman remains one of Nigeria’s most influential business magnates.
Mike Adenuga, the second wealthiest individual in Nigeria, amassed his wealth through ventures in telecommunications and oil production. His mobile network, Globacom, ranks as the second-largest operator in the country, boasting over 60 million subscribers.
Additionally, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta region. Globacom has also developed Glo-1, a submarine internet cable stretching 6,100 miles to the U.K. via Ghana and Portugal. Furthermore, Adenuga holds a 74% stake in the publicly traded gasoline company Conoil and nearly 6% of the publicly traded Nigerian bank Sterling Financial Holding.
- Secures the sixth position in Africa, 701 in the world.
- The BUA Group chairman continues to grow his wealth through cement, sugar, and real estate ventures.
Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate involved in cement manufacturing, sugar refining, and real estate development. In January 2020, he merged his privately held Obu Cement with the publicly listed Cement Company of Northern Nigeria, which he managed.
The newly formed entity, known as BUA Cement Plc, is listed on the Nigerian stock exchange, with Rabiu holding a 98.2% stake. Additionally, he possesses a 95% share in BUA Foods, a publicly traded food conglomerate. Coming from a business-oriented family, Rabiu inherited land from his father and established his own enterprise in 1988, focusing on the importation of iron, steel, and chemicals.
- Tied at 16th place in Africa, 2,194 in the World
- The FBN Holdings chairman has seen his investments grow, securing his place among Africa’s elite billionaires.
Femi Otedola, a Nigerian billionaire who initially built his wealth in the commodities sector before divesting his shares in Forte Oil to focus on the energy industry. He serves as the chairman of Geregu Power, a power generation company, where he holds over 70% of the shares.
In 2022 and 2023, Otedola reduced his stake in Geregu, which had previously exceeded 95%, to attract institutional investors. Notable investors in Geregu include the Nigerian government, the Afrexim Fund for Export Development in Africa, and the State Grid Corporation of China. Additionally, he possesses real estate in Lagos, Dubai, London, and Monaco, and has investments in Zenith Bank and FBN Holdings.
Billionaire Distribution Across Africa
- South Africa leads with seven billionaires.
- Nigeria and Egypt each have four billionaires.
- Morocco (3), Algeria (1), Tanzania (1), and Zimbabwe (1) complete the list.
Exclusions from the List
Forbes clarified that the ranking only includes billionaires residing in Africa or whose primary businesses are based on the continent. This excludes:
- Mo Ibrahim (Sudanese-born but a UK citizen).
- Nathan Kirsh (South African but operates out of London).
Methodology & Wealth Calculation
The net worth figures were determined using stock prices and exchange rates as of March 7, 2025.
This year’s ranking underscores Africa’s growing wealth and business expansion, with Nigeria’s billionaires playing a dominant role in shaping the continent’s economic landscape.