Dangote, Adenuga, Rabiu, and Otedola Retain Spots on Forbes Africa’s Billionaires List

Nigeria’s top business magnates—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—have once again secured their positions on Forbes’ 2025 ‘Africa’s Billionaires List.’

The updated rankings, released on March 30, 2025, feature these four Nigerians among Africa’s wealthiest individuals.

Dangote retained his position as Africa’s richest person for the 14th consecutive year, with his fortune soaring to $23.9 billion from $13.9 billion in the previous year. This increase was largely attributed to the valuation of his refinery. The Dangote Group, which he leads, operates in multiple industries, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, oil and gas, and fertilizers.

Adenuga, ranked fifth on the list, had an estimated net worth of $6.8 billion, while Rabiu followed with $5.1 billion. Adenuga is the founder of Globacom, a Pan-African telecommunications giant, while Rabiu oversees the BUA Group, which has interests in cement, sugar, and oil, among other sectors.

Otedola, who emerged as the 16th richest African, experienced a remarkable 30% increase in wealth over the past year, reaching $1.5 billion. His financial success was second only to South African billionaire Johann Rupert, whose fortune grew by 39%. Otedola is the chairman of Geregu Power Plc, the first power generation company listed on the Nigerian Exchange in October 2022. He also chairs First Holdco Plc, a financial holding company formerly known as FBN Holdings Plc, which oversees a range of financial services across Africa.

Beyond business, Otedola is a notable philanthropist, significantly contributing to the Save the Children initiative. His donations, amounting to billions of naira, have earned him a Vice President role in the organization, which focuses on improving the welfare of vulnerable children worldwide.

“Forbes noted that another billionaire whose fortune grew by more than 30% was Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged by approximately 40% in the past year following increased revenue and profits,” the report stated.

The Forbes list tracks the net worth of African billionaires residing in Africa or whose primary businesses are based on the continent. Net worth calculations were based on stock prices and exchange rates as of March 7, 2025. Forbes valued privately held businesses by estimating revenues or profits and applying market-appropriate financial ratios.

The report also highlighted that for the first time, Africa’s billionaires collectively surpassed $100 billion in total wealth. The combined fortunes of the continent’s 22 billionaires climbed to $105 billion, up from $82.4 billion last year, when only 20 billionaires were listed. South Africa led with seven billionaires, followed by Nigeria and Egypt, each with four.