Forbes Africa’s Billionaire Elite: Dangote’s Wealth Soars, Adenuga & Otedola Cement Their Status

For the 14th consecutive year, Aliko Dangote remains at the top of the list, with his net worth reaching an impressive $23.9 billion, a substantial increase from $13.9 billion in the previous year. This growth is largely attributed to Forbes factoring in the full value of Dangote’s massive refinery project. His conglomerate, Dangote Group, operates across various industries, including cement, sugar, flour, salt, beverages, real estate, fertiliser, and oil and gas.

Mike Adenuga, the founder of the telecom giant Globacom, ranked fifth on the list with a net worth of $6.8 billion, followed by Abdulsamad Rabiu, the chairman of BUA Group, with $5.1 billion. Rabiu’s business interests span cement, sugar, and oil.

Femi Otedola, another influential Nigerian tycoon and philanthropist, claimed the 16th spot with his wealth rising by over 30% to reach $1.5 billion, making him one of the continent’s fastest-growing billionaires. Otedola’s fortune saw significant growth due to a 40% surge in the stock price of Geregu Power Plc, a power generation company he chairs, after a rise in revenue and profits.

Otedola also leads First Holdco Plc (formerly FBN Holdings), a major player in Africa’s financial services sector.

The 2025 Forbes list includes billionaires whose primary business operations or residences are in Africa. Net worths were calculated using stock prices and currency exchange rates as of March 7, 2025.

This year, the continent’s billionaire club grew to 22 members, collectively worth $105 billion, surpassing the $100 billion mark for the first time, compared to $82.4 billion the previous year.

South Africa led with seven billionaires, followed by Nigeria and Egypt, each with four.