Nigeria’s top business moguls—Aliko Dangote, Mike Adenuga,
Abdulsamad Rabiu, and Femi Otedola—have once again secured their positions on
Forbes’ *Africa’s Billionaires List* for 2025, released on Saturday.
For the 14th consecutive year, Dangote maintained his
position as Africa’s richest person, with his net worth soaring to $23.9
billion from $13.9 billion last year. This significant increase was largely
driven by the valuation of his refinery. The Dangote Group operates across
multiple industries, including cement, sugar, flour, salt, real estate, and oil
& gas.
Adenuga ranked fifth on the list with a fortune of $6.8
billion, while Rabiu followed with $5.1 billion. Adenuga leads the
telecommunications giant Globacom, while Rabiu controls the BUA Group, with
interests in cement, sugar, and oil.
Otedola, ranked 16th in Africa, saw his wealth surge by over
30% in the past year, reaching $1.5 billion. His fortune grew at one of the
highest rates, second only to South Africa’s Johann Rupert, whose wealth rose
by 39%. Otedola chairs Geregu Power Plc, Nigeria’s first publicly listed
electricity-generating company, and also serves as Chairman of First Holdco
Plc.
A dedicated philanthropist, Otedola has contributed billions
to *Save the Children*, earning recognition as a Vice President for his efforts
to support vulnerable children in Nigeria.
“Forbes noted that Otedola’s fortune, fueled by a 40% surge
in Geregu Power’s shares, rose over 30% in the past year following strong
revenue and profit growth,” the report stated.
The Forbes list tracks African billionaires who either reside
on the continent or have their primary businesses there. The 2025 rankings were
calculated using stock prices and currency exchange rates as of March 7,
2025.
This year, Africa’s billionaires saw their collective wealth
exceed $100 billion for the first time, rising to $105 billion from $82.4
billion in 2024. South Africa led the rankings with seven billionaires,
followed by Nigeria and Egypt with four each.
