Four of Nigeria’s most prominent business magnates—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—have secured spots on the 2025 Forbes ‘Africa’s Billionaires List,’ released on Saturday.
Once again, Dangote retained his position as Africa’s richest individual for the 14th consecutive year, with his fortune soaring to $23.9 billion, a significant increase from $13.9 billion the previous year. Forbes attributed the substantial rise in his net worth to the inclusion of his refinery’s value in the assessment.
Dangote Group has extensive operations across multiple industries, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and energy projects spanning oil, gas, and fertilizers.
Adenuga, ranking fifth on the list, amassed a fortune of $6.8 billion, while Rabiu’s net worth reached $5.1 billion. Adenuga is the owner of Globacom, a leading telecommunications provider in Africa, while Rabiu controls the BUA Group, which has interests in cement, sugar, and oil, among other sectors.
Femi Otedola, a renowned Nigerian entrepreneur and philanthropist, was ranked as the 16th richest individual in Africa. Over the past year, his wealth surged by more than 30 percent, making him one of the fastest-growing billionaires on the list.
According to Forbes, Otedola’s net worth climbed to $1.5 billion, with only Johann Rupert of South Africa surpassing his growth rate, as Rupert’s fortune increased by 39 percent.
Otedola, a key player in Nigeria’s business landscape, has spearheaded numerous ventures. Among them is Geregu Power Plc, Nigeria’s first publicly listed electricity-generating company, where he serves as Chairman. He also holds the position of Chairman at First Holdco Plc (formerly FBN Holdings Plc), a financial conglomerate with interests in commercial banking, merchant banking, capital markets, trusteeship, and insurance brokerage.
A dedicated philanthropist, Otedola has played a significant role in supporting Save the Children, donating billions of Naira to the cause. His contributions earned him a Vice President role within the organization, which focuses on improving the lives of vulnerable children worldwide.
“Another billionaire whose fortune grew more than 30 per cent (was) Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40 per cent in the past year following a jump in revenue and profits,” the Forbes report noted.
The Forbes ranking monitors the wealth of African billionaires who either reside on the continent or have their primary business operations based there. Net worths were calculated using stock prices and currency exchange rates as of March 7, 2025.
Comparing the figures with its 2024 list, Forbes stated that privately owned businesses were valued based on revenue or profit estimates, applying prevailing market ratios for similar publicly traded companies.
Additionally, the report highlighted a major milestone: for the first time, the total wealth of Africa’s billionaires exceeded $100 billion, with the 22 billionaires collectively amassing $105 billion—up from $82.4 billion recorded last year, which featured 20 billionaires.
This year, South Africa had the highest number of billionaires, with seven, followed by Nigeria and Egypt, each boasting four representatives on the prestigious list.
