Nigeria’s top business tycoons — Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola — have earned places on the prestigious 2025 Forbes World’s Billionaires list, released last Saturday.
Aliko Dangote, Africa’s richest man for the 14th consecutive year, leads the Nigerian pack with an estimated net worth of $23.9 billion, up sharply from $13.9 billion in 2024. Forbes credited the rise to the inclusion of the Dangote Refinery — now fully operational — in its valuation of his assets.
“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,” the publication stated.
Globacom’s chairman, Mike Adenuga, ranks fifth among Africa’s richest with $6.8 billion, while Abdulsamad Rabiu, head of BUA Group, follows in sixth with $5.1 billion.
Femi Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, makes a remarkable return to the billionaires list with $1.5 billion, sharing the 16th spot. Forbes noted the sharp rise in the value of Geregu Power Plc, where Otedola is chairman. Geregu’s shares surged by 40% over the past year following strong revenue and profit growth.
“Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria… Shares of Geregu surged some 40% in the past year following a jump in revenue and profits,” Forbes reported.
Nigeria now boasts four billionaires, tying with Egypt. South Africa leads the continent with seven, while Morocco has three. Algeria, Tanzania, and Zimbabwe each have one.
This year also marks a historic milestone for Africa, with the collective wealth of the continent’s billionaires surpassing $100 billion 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 said.
As Nigeria’s elite continue to dominate Africa’s economic landscape, the spotlight shines on the role of strategic investments and industrial growth in wealth creation across the continent.
