Nigeria’s top business moguls—Aliko Dangote, Femi Otedola, Mike Adenuga, and Abdulsamad Rabiu—have once again earned global recognition with their inclusion on the 2025 Forbes World’s Billionaires List, released last Saturday.
Aliko Dangote, Africa’s richest man for the 14th consecutive year, saw a significant jump in his net worth—from $13.9 billion in 2024 to $23.9 billion—largely due to the valuation of his newly commissioned Dangote Refinery. According to Forbes, “The big jump in his fortune is primarily due to Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays.”
Mike Adenuga, chairman of Globacom, ranks fifth among Africa’s wealthiest with a fortune of $6.8 billion, while Abdulsamad Rabiu of BUA Group follows closely with $5.1 billion. Femi Otedola, chairman of FBN Holdings Plc, made a notable comeback to the list, tied in 16th place with an estimated net worth of $1.5 billion.
Otedola’s resurgence was fueled by strong performance in his power firm, Geregu Power Plc. Forbes noted, “Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40% in the past year following a jump in revenue and profits.”
Regionally, South Africa leads the continent with seven billionaires. Nigeria and Egypt each have four, Morocco has three, while Algeria, Tanzania, and Zimbabwe feature one apiece.
The 2025 list also marks a milestone for African billionaires, with their collective net worth reaching $105 billion—crossing the $100 billion mark for the first time. “Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year,” Forbes stated.
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