Nigeria’s most affluent business magnates, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, have been recognized as the sole Nigerian representatives on the 2025 ‘Africa’s Billionaires List’ compiled by Forbes, which was disseminated this Saturday.
Dangote has once again secured the top position on the list for the 14th consecutive year, with an estimated net worth of $23.9 billion, a substantial increase from $13.9 billion recorded a year prior. The notable surge in his financial standing is primarily attributed to Forbes’ incorporation of the valuation of his refinery.
The Dangote Group operates across a diverse spectrum of industries, encompassing cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and ventures within the oil and gas and fertilizer sectors.
Conversely, Adenuga, who ranked fifth on the list, possessed a portfolio valued at $6.8 billion during the period under assessment, while Rabiu’s net worth stood at $5.1 billion. Adenuga manages the Pan-African telecommunications enterprise, Globacom, while Rabiu presides over the BUA Group, which holds interests in cement, sugar, oil, and various other sectors.
Nigerian business tycoon and philanthropist Otedola was positioned as the 16th wealthiest individual in Africa on the Forbes list, with his wealth experiencing a growth of over 30 percent within the preceding year.
In the recently published list, Forbes indicated that Otedola’s wealth reached $1.5 billion during the specified period, establishing him as one of the fastest-growing billionaires, second only to Johann Rupert of South Africa, whose fortune expanded by 39 percent.
A prominent figure in Nigerian commerce, Otedola has established and led numerous companies across a multitude of sectors, with many notable enterprises bearing his name.
Investigations reveal that these include Geregu Power Plc, the inaugural electricity-generating company in Nigeria to be listed on the Nigerian Exchange in October 2022, where he holds the position of Chairman.
Furthermore, he serves as the Chairman of First Holdco Plc, formerly FBN Holdings Plc, a financial holding conglomerate that functions as the parent entity for a diversified portfolio of financial services businesses, encompassing commercial banking, merchant banking, capital markets, trusteeship, and insurance brokerage, operating throughout the African continent.
A dedicated philanthropist, Otedola has been a significant contributor to Save the Children, donating billions of naira and earning the role of Vice President in recognition of his endeavors to improve the lives of children in Nigeria. Save the Children is an organization dedicated to supporting vulnerable children globally.
“Another billionaire whose wealth increased by more than 30 percent was Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged by approximately 40 percent in the past year following a rise in revenue and profits,” the Forbes report stated.
The Forbes list monitors the wealth of African billionaires who reside within Africa or maintain their primary business operations there. Net worths were calculated utilizing stock prices and currency exchange rates as of the close of business on March 7, 2025.
Forbes noted that net worth fluctuations were measured against its 2024 African billionaires list, published in January 2024. To assess the value of privately held businesses, Forbes initiates with estimations of revenues or profits and applies prevailing price-to-sales or price-to-earnings ratios for comparable publicly traded companies.
Similarly, the report highlighted that the cumulative wealth of Africa’s billionaires surpassed $100 billion for the first time, as the continent’s 22 billionaires witnessed their combined fortunes rise to $105 billion, an increase from $82.4 billion and 20 billionaires in the preceding year. South Africa boasted the highest number of billionaires this year, with seven, followed by Nigeria and Egypt, each with four billionaires.
