Aliko Dangote, Femi Otedola, Mike Adenuga and Abdulsamad Rabiu have been appointed on Saturday, March 29 for the 2025 Forbes Billionaires list.
These four businessmen are the only Nigerians to play in the famous lineup, with Danger leading the wealthiest people on the mainland.
Dangote, owner of Dangote’s refinery, has seen a significant increase in net worth, from $13.9 billion in 2024 to $23.9 billion, secured his position as Africa’s wealthiest person for the 14th consecutive year. “Nigeria’s Aliko Dangote is at the top for the 14th consecutive year, with an estimated net worth of US$23.9 billion, up from US$13.9 billion a year ago,” Forbes said. “The biggest jump in his wealth was mainly due to Forbes’ increased value of his refinery, which opened in the suburbs of Lagos after a long delay.”
Globacom Chairman Adenuga was named the fifth richest man with a net worth of $6.8 billion, while Bua Group’s Rabiu ranked sixth with an estimated $5.1 billion. Otedola of Nigeria No. 1 Bank (FBN) Holdings plc was ranked 16th in the United with a net worth of US$1.5 billion.
Forbes highlighted Otedola’s huge fortune and noted: “Another billionaire grew by more than 30%: Femi otedola in Nigeria (18th, $1.5 billion, $1.5 billion), chairman of Geregu Power plc, a listed power generation company. Geregu has soared 40% stake in the past year, and in the revenue and notes above, no more than two times, the two African competitions are growing. Again.”
The report further suggests that South Africa leads the continent with the largest number of billionaires, with seven individuals, followed by Nigeria and Egypt, each with four. Morocco has three billionaires, while Algeria, Tanzania and Zimbabwe have one.
Forbes describes 2025 as the historical year for Africa’s wealthiest people, with the continent’s billionaires cumulative wealth exceeding $100 billion for the first time. “The fate of 2.2 billionaires in Africa put their destiny totaling $100.5 billion, up from $82.4 billion last year and $20 billion of $2 billion. The wealth that generates this level on the mainland is not small, political uncertainty, currency crises and challenging consumer markets are all conventional,” the magazine said.
