Nigerian business tycoons Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad Rabiu have been named among Africa’s billionaires in Forbes ranking for 2025.
The quartet are the only Nigerians on the exclusive list published on Saturday, March 29, 2025. Forbes reported that Africa’s 22 billionaires saw their collective wealth rise from $82.4 billion in 2024 to $105 billion, with two new entrants joining the ranks.
Dangote, owner of Dangote Petroleum Refinery, retained his position as Africa’s richest man with a staggering net worth of $23.9 billion, up from $13.9 billion the previous year. Forbes attributed his financial growth to the increased valuation of his refinery.
Adenuga, chairman of telecommunications giant Globacom, secured the fifth spot in Africa with a fortune of $6.8 billion, while Rabiu, head of BUA Group, followed closely in sixth place with $5.1 billion. Otedola, chairman of FBN Holdings Plc, ranked 16th with a net worth of $1.5 billion.
Forbes noted that South Africa led the list with seven billionaires, followed by Nigeria and Egypt, each with four. Morocco produced three billionaires, while Algeria, Tanzania, and Zimbabwe had one each.
“Our list tracks the wealth of African billionaires who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen, and South African Nathan Kirsh, who operates from London,” Forbes explained.
The magazine further stated that net worth calculations were based on stock prices and currency exchange rates as of the close of business on March 7, 2025.
