Dangote, who owns the Dangote Refinery, tops the list with a net worth of $23.9 billion, up from $13.9 billion in 2024.
Aliko Dangote, Femi Otedola, Mike Adenuga, and Abdulsamad Rabiu have been named in the 2025 Forbes’ Africa billionaires list.
Forbes Magazine released the list on Saturday. The quartet are the only Nigerians who made the lineup.
Dangote, who owns the Dangote Refinery, tops the list with a net worth of $23.9 billion, up from $13.9 billion in 2024.
“Aliko Dangote of Nigeria tops the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago,” the magazine wrote. “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.”
According to Forbes, Adenuga, the chairman of Globacom, comes in fifth position, having a net worth of $6.8 billion.
Rabiu of BUA Group was rated sixth on the continent with an estimated worth of $5.1 billion.
The chairman of First Bank of Nigeria (FBN) Holdings Plc, Otedola occupies the joint 16th position with a $1.5 billion net worth.
“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,” Forbes wrote about Otedola. “Shares of Geregu surged some 40% in the past year following a jump in revenue and profits. Two African billionaires who made the list in the past and then fell off are back on again.”
According to Forbes, South Africa had the largest number of billionaires on the list with seven persons. This is followed by Nigeria and Egypt with four each.
“The list also includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one from Tanzania (Mohammed Dewiji), and one (Masiyiwa) from Zimbabwe,” it said, adding that it “was a banner year for Africa’s billionaires, whose cumulative wealth surpassed $100 billion for the first time ever”.
“Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year. It’s no small feat to generate this level of wealth on the continent, where political uncertainty, currency crises, and challenging consumer markets are routine,” the magazine wrote.
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