Forbes released its 2025 Africa’s Billionaires List, featuring Nigeria’s wealthiest businessmen—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola. Dangote ranked first, securing his position for the 14th consecutive year.
Dangote’s Wealth Soars
Dangote’s net worth increased significantly, from $13.9 billion last year to $23.9 billion. This jump came mainly from the addition of his refinery’s value. His diversified empire, Dangote Group, spans cement, sugar, flour, salt, pasta, beverages, real estate, oil & gas, and fertilizer.
Adenuga, Rabiu, and Otedola’s Growth
Mike Adenuga, ranked fifth, is worth $6.8 billion. He operates the Pan-African telecommunications giant, Globacom. Abdulsamad Rabiu follows with $5.1 billion. He owns BUA Group, which spans cement, sugar, and oil.
Femi Otedola, Nigeria’s businessman and philanthropist, ranks 16th with a net worth of $1.5 billion. His wealth rose by 30% over the past year. Otedola’s success comes from leading Geregu Power Plc, the first listed electricity-generating company in Nigeria. The company’s shares surged 40% in the past year, adding significantly to Otedola’s fortune.
Otedola’s Business and Philanthropy
Otedola is also Chairman of First Holdco Plc, formerly FBN Holdings Plc. His financial group operates across commercial banking, merchant banking, capital markets, trusteeship, and insurance. Otedola is a well-known philanthropist, notably supporting Save the Children. He has donated billions of naira, earning a Vice President role for his efforts in improving children’s lives.
Africa’s Billionaire Wealth Grows
In 2025, Africa’s billionaires saw their collective wealth surpass $100 billion for the first time. Their combined net worth rose to $105 billion, up from $82.4 billion last year. South Africa led the list with seven billionaires, while Nigeria and Egypt each had four.
Forbes’ Wealth Calculation Methodology
Forbes calculated net worth using stock prices and currency exchange rates as of March 7, 2025. The publication measured net worth changes from the previous year’s list. It valued privately held companies based on revenue, profit, and price-to-earnings ratios.
Africa’s Billionaires Continue to Rise
The wealth of Africa’s billionaires continues to grow, reflecting the continent’s expanding economic influence. Nigerian businessmen lead this charge, shaping Africa’s business landscape with their increasing fortunes.
