Dangote, Adenuga, Rabiu, Otedola Maintains Position as Africa’s Richest Men – Forbes

Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola are the sole Nigerian representatives on Forbes’ 2025 “Africa’s Billionaires List,” released on Saturday. Dangote retains his position as Africa’s wealthiest for the 14th consecutive year, with a net worth of $23.9 billion, a substantial increase from $13.9 billion the previous year, primarily due to the inclusion of his refinery’s value.

His Dangote Group operates across diverse sectors, including cement, sugar, and oil and gas. Adenuga, ranking fifth, has a net worth of $6.8 billion, stemming from his Pan-African telecommunications company, Globacom. Rabiu, with a net worth of $5.1 billion, heads the BUA Group, with interests in cement, sugar, and oil.

Otedola, ranked 16th, saw his wealth rise to $1.5 billion, a 30% increase attributed to the performance of Geregu Power Plc, where he serves as chairman. Forbes noted Geregu Power’s 40% share surge driven by increased revenue and profits. Otedola is also the Chairman of First Holdco Plc. He is also known for philanthropic work, notably with Save the Children.

Forbes calculated net worths using stock prices and currency exchange rates as of March 7, 2025, and compared them to the 2024 list. The combined wealth of Africa’s 22 billionaires reached a record $105 billion, up from $82.4 billion in 2024. South Africa has the most billionaires on the list, followed by Nigeria and Egypt.