|Published 10:40 AM ET, Monday March 31, 2025|
According to the latest Forbes Africa Billionaires List released in March 2025, four Nigerian businessmen have secured positions among the continent’s wealthiest individuals.
Aliko Dangote leads the African rankings for the 14th consecutive year, with his net worth surging to $23.9 billion, up from $13.9 billion in 2024. This significant increase is primarily attributed to the valuation of his Dangote Refinery, which commenced operations on the outskirts of Lagos after prolonged delays.
Mike Adenuga, the chairman of Globacom, holds the fifth position on the continent, boasting a net worth of $6.8 billion. His wealth is derived from his extensive interests in telecommunications and oil exploration.
Abdulsamad Rabiu, founder of BUA Group, ranks sixth with an estimated net worth of $5.1 billion. His conglomerate has diversified interests spanning cement production, sugar refining, and real estate.
Femi Otedola, chairman of Geregu Power Plc, occupies the 16th position with a net worth of $1.5 billion. His fortune experienced a notable increase of over 30%, driven by a 40% surge in Geregu’s share price over the past year, reflecting the company’s robust financial performance.
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Collectively, these four Nigerian billionaires have contributed significantly to Africa’s cumulative billionaire wealth, which has surpassed $100 billion for the first time, reaching a total of $105 billion. This milestone underscores the dynamic and resilient nature of wealth creation on the continent, despite prevailing economic challenges.
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