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Business moguls Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdul Samad Isyaku Rabiu have been named in Forbes' 2025 list of African billionaires.
The quartet are the only Nigerians featured on the exclusive rich men list published on Saturday, March 29, 2025.
According to Forbes, Africa’s 22 billionaires experienced a rise in fortunes from $82.4 billion for 20 billionaires in 2024 to $105 billion, with two new entrants joining the elite club.
The international magazine says Dangote, the owner of Dangote Petroleum Refinery, is the richest African, with a net worth of $23.9 billion in 2025, up from $13.9 billion in 2024.
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Forbes attributed the Nigerian industrialist's increase in wealth to the valuation of his refinery facility, which was factored into the overall calculation of the net worth.
Adenuga, the chairman of Nigeria's leading telecommunication company, Globacom, is worth $6.8 billion and occupies fifth place in Africa.
With his $5.1 billion net worth, Rabiu, chairman of BUA Group, is ranked sixth in Africa and third in Nigeria on the list.
Otedola, chairman of the First Bank of Nigeria (FBN) Holdings Plc, was in joint 16th place with a $1.5 billion net worth.
“South Africa had the largest number of billionaires this year, with seven, followed by four from Nigeria and four from Egypt,” Forbes said.
“The list also includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one from Tanzania (Mohammed Dewiji) and one (Masiyiwa) from Zimbabwe.
“Our list tracks the wealth of African billionaires who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen; and South African Nathan Kirsh, who operates out of London and has his business in the U.S. and U.K.
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“Net worths were calculated using stock prices and currency exchange rates from the close of business on March 7, 2025,” the international magazine stated.