Four Nigerian billionaires—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—have been named in Forbes’ 2025 list of the richest individuals in Africa.
According to the ranking published on Saturday, Dangote, the President and CEO of the Dangote Group, remains Africa’s richest man for the 14th consecutive year.
His net worth surged from $13.9 billion in 2024 to $23.9 billion in 2025, largely due to the valuation of his Lagos-based refinery, which began operations last year.
Dangote Group operates in diverse sectors, including cement, sugar, flour, salt, oil and gas, and fertiliser, making it one of Africa’s largest conglomerates.
Coming in as Nigeria’s second richest man and Africa’s fifth is Globacom chairman Mike Adenuga, with an estimated net worth of $8.5 billion. Adenuga, a key player in Nigeria’s telecoms and oil industries, continues to expand his business empire across the continent.
Abdulsamad Rabiu, the founder and chairman of BUA Group, ranks sixth in Africa and third in Nigeria, with a net worth of $5.1 billion. His business interests span cement, sugar, and real estate, contributing significantly to Nigeria’s industrial growth.
Femi Otedola, the chairman of First Bank of Nigeria (FBN) Holdings Plc, secured the 16th spot on the list, tying with South African businessman Christoffel Wiese. With a net worth of $1.5 billion, Otedola remains a prominent figure in Nigeria’s financial and energy sectors.
Forbes noted that South Africa leads the ranking with seven billionaires, followed by Nigeria and Egypt, each with four. Morocco has three, while Algeria, Tanzania, and Zimbabwe have one billionaire each.
The magazine clarified that its list tracks billionaires who either reside in Africa or run their businesses primarily on the continent.
“This excludes Sudanese-born billionaire Mo Ibrahim, a U.K. citizen, and South African Nathan Kirsh, who operates out of London and has his business in the U.S. and U.K,” it added.
Forbes explained that net worths were calculated based on stock prices and currency exchange rates as of March 7, 2025.
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