Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola have all been named in Forbes’ 2025 Africa billionaires list.
Forbes Magazine released the list on Saturday, with Dangote retaining his position as Africa’s richest man. He tops the ranking with a net worth of $23.9 billion, a significant rise from $13.9 billion in 2024.
“Aliko Dangote of Nigeria tops the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago,” the magazine wrote. “The big jump in his fortune is primarily due to Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays.”
Globacom chairman Mike Adenuga ranks fifth on the continent with a fortune of $6.8 billion, while BUA Group’s Abdulsamad Rabiu follows in sixth place with $5.1 billion.
Femi Otedola, the chairman of First Bank of Nigeria (FBN) Holdings Plc, secured the joint 16th position with a net worth of $1.5 billion.
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“Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of listed power generation firm Geregu Power Plc,” Forbes wrote. “Shares of Geregu surged some 40% in the past year following a jump in revenue and profits. Two African billionaires who made the list in the past and then fell off are back on again.”
The 2025 ranking highlights South Africa as the country with the highest number of billionaires, boasting seven individuals on the list. Nigeria and Egypt each have four, followed by Morocco with three.
“The list also includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one from Tanzania (Mohammed Dewiji), and one (Masiyiwa) from Zimbabwe,” Forbes stated, noting that it “was a banner year for Africa’s billionaires, whose cumulative wealth surpassed $100 billion for the first time ever.”
“Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year. It’s no small feat to generate this level of wealth on the continent, where political uncertainty, currency crises, and challenging consumer markets are routine,” the magazine added.
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