Four Nigerian business magnates—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—have secured spots on Forbes‘ 2025 billionaires list, reaffirming Nigeria’s strong presence among Africa’s wealthiest individuals.
The latest ranking, released on Saturday, places these four Nigerians among 22 billionaires across the continent.
According to Forbes, the collective net worth of Africa’s billionaires surged from $82.4 billion in 2024 to $105 billion in 2025, reflecting increased market valuations and economic gains.
Dangote Retains Top Spot in Africa
Aliko Dangote, Africa’s richest man and owner of Dangote Petroleum Refinery, continues to dominate the list with an impressive net worth of $23.9 billion.
This marks a significant rise from $13.9 billion in the previous year, a growth largely driven by the inclusion of his refinery’s valuation in Forbes’ assessment.
Other Nigerian Billionaires on the List
Following Dangote, Mike Adenuga, the telecoms tycoon and chairman of Globacom, holds the fifth position in Africa, boasting a net worth of $6.8 billion.
Abdulsamad Rabiu, the industrialist behind BUA Group, ranks sixth in Africa with an estimated fortune of $5.1 billion.
Meanwhile, Femi Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, secures a spot in the joint 16th position with a net worth of $1.5 billion.
Nigeria Among Africa’s Top Three in Billionaire Count
Forbes’ 2025 list highlights South Africa as the country with the highest number of billionaires, with seven, followed by Nigeria and Egypt, each with four.
Other countries represented include Morocco with three, while Algeria, Tanzania, and Zimbabwe have one billionaire each.
Forbes’ Methodology
Forbes clarified that its list tracks the wealth of African billionaires who reside on the continent or have their primary business operations there.
The ranking excludes figures such as Sudanese-born Mo Ibrahim, a U.K. citizen, and South Africa’s Nathan Kirsh, who operates from London.
Net worth calculations were based on stock prices and currency exchange rates as of March 7, 2025.
With the continued rise of Nigeria’s billionaires, the country remains a significant player in Africa’s economic landscape, driven by industrial expansion, telecom investments, and financial sector growth.
