Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdul Samad Rabiu have secured their places on Forbes’ 2025 list of Africa’s wealthiest individuals. These four business moguls are the only Nigerians featured on the exclusive ranking, released on Saturday, March 29, 2025.
Nigeria’s Wealthiest Retain Their Spots
Forbes reported that Africa’s billionaires saw their combined wealth grow from $82.4 billion in 2024 to $105 billion in 2025, with two new names joining the ranks. Despite the changes, Nigeria’s top billionaires held onto their spots.
Aliko Dangote, owner of Dangote Petroleum Refinery, remains Africa’s richest person with a net worth of $23.9 billion. His fortune increased significantly from $13.9 billion in 2024, thanks to the valuation of his refinery, which played a key role in boosting his wealth.
Mike Adenuga, chairman of Globacom, ranks fifth in Africa with a net worth of $6.8 billion. Abdul Samad Rabiu, chairman of BUA Group, follows closely in sixth place with $5.1 billion. Meanwhile, Femi Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, holds the 16th position with $1.5 billion.
Africa’s Billionaire Breakdown
Forbes highlighted that South Africa leads with seven billionaires, followed by Nigeria and Egypt, each with four. Morocco has three, while Algeria, Tanzania, and Zimbabwe each have one representative.
The magazine clarified that its ranking includes African billionaires who live on the continent or have their primary businesses there. It excludes individuals like Sudanese-born Mo Ibrahim, who holds U.K. citizenship, and South African billionaire Nathan Kirsh, who operates from London and focuses on business in the U.S. and U.K.
Forbes calculated net worths using stock prices and exchange rates as of March 7, 2025. With the rising fortunes of Africa’s wealthiest, Nigerian billionaires continue to make their mark on the global stage.
