Nigeria’s wealthiest moguls, Alhaji Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, have once again secured their positions as the only Nigerians on Forbes Africa Billionaires’ List.
Released on Saturday, March 29, 2025, the annual ranking revealed the quartet’s dominance in Africa’s financial landscape, with their collective wealth contributing significantly to the continent’s billionaire club surpassing the $100 billion mark for the first time.
Leading the pack for the 14th consecutive year is Dangote, the industrial titan whose net worth soared to an estimated $23.9 billion, up from $13.9 billion in 2024, according to Forbes Africa Billionaires’ List.
The report revealed that the $10 billion increase is attributed to the valuation of his Dangote Petroleum Refinery, an oil facility on the outskirts of Lagos that began operations in 2024.
At 67, Dangote’s empire, the Dangote Group, spans cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and now oil and gas.
His position as Africa’s richest person remains unchallenged, placing him among the world’s top 100 billionaires.
Securing the fifth spot on the list is Mike Adenuga, the billionaire behind Globacom, a Nigerian telecommunications operator.
With a net worth of $6.8 billion, Adenuga’s wealth reflects his strategic investments in telecoms and oil exploration. His company, Conoil Producing, manages six oil blocks in the Niger Delta, bolstering his financial portfolio.
Abdulsamad Rabiu, founder of BUA Group, ranks sixth in Africa with a net worth of $5.1 billion.
The 63-year-old magnate has solidified his conglomerate’s foothold in cement production, sugar refining, and real estate. BUA Cement Plc, a publicly traded entity on the Nigerian Stock Exchange where Rabiu holds a 98.2% stake, remains a cornerstone of his wealth. Additionally, his 95% ownership of BUA Foods further diversifies his portfolio.
Femi Otedola, the chairman of Geregu Power Plc, rounds out the Nigerian contingent at joint 16th place with a net worth of $1.5 billion. Otedola’s strategic shift from oil investments to energy, culminating in Geregu’s listing on the Nigerian Exchange in 2022, has paid dividends, Forbes reported.
Beyond power generation, Otedola chairs First Bank of Nigeria (FBN) Holdings Plc, a leading financial institution in Africa.
On the other hand, the 2025 Forbes Africa’s Billionaires List reveals that the African continent is on the rise, with 22 billionaires collectively worth $105 billion, up from $82.4 billion across 20 billionaires in 2024.
South Africa leads with seven billionaires, followed by Nigeria and Egypt with four each, and smaller representations from Morocco, Algeria, Tanzania, and Zimbabwe.
Forbes said it calculated these net worths using stock prices and currency exchange rates as of March 7, 2025, with valuations of privately held businesses based on estimated revenues and prevailing market ratios.
