Dangote Leads Nigerian Billionaires on Forbes’ 2025 Africa List with $23.9 Billion Fortune

Aliko Dangote has once again topped the list of African billionaires, according to Forbes Magazine’s 2025 rankings released on Saturday. The owner of the Dangote Refinery saw his net worth surge to $23.9 billion, a significant increase from $13.9 billion in 2024.
Dangote’s substantial wealth increase is largely attributed to the inclusion of his newly operational refinery, which opened on the outskirts of Lagos after considerable delays. Forbes noted that Dangote has maintained his position as Africa’s wealthiest individual for the 14th consecutive year.
Joining Dangote on the prestigious list are three other prominent Nigerian business leaders: Femi Otedola, Mike Adenuga, and Abdulsamad Rabiu. They are the only Nigerians featured in this year’s ranking.
Mike Adenuga, the chairman of Globacom, secured the fifth position with an estimated net worth of $6.8 billion. Abdulsamad Rabiu, the head of BUA Group, was ranked sixth on the continent, boasting a fortune of $5.1 billion.
Femi Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, shares the 16th spot with a net worth of $1.5 billion. Forbes highlighted the impressive growth in Otedola’s wealth, largely due to the strong performance of his listed power generation firm, Geregu Power Plc. The company’s shares reportedly surged by around 40% in the past year following increased revenue and profits. Forbes also noted Otedola’s return to the list, along with another previously featured billionaire.
South Africa holds the distinction of having the highest number of billionaires on the list with seven individuals, followed by Nigeria and Egypt, each with four. Other African nations represented include Morocco (three billionaires), Algeria (one), Tanzania (one), and Zimbabwe (one).
Forbes reported that 2024 was a record-breaking year for Africa’s billionaires, whose combined wealth exceeded $100 billion for the first time. The continent’s 22 billionaires saw their total fortunes rise to $105 billion, up from $82.4 billion and 20 billionaires in the previous year. The magazine emphasized the significant achievement of generating such wealth on a continent facing political instability, currency fluctuations, and challenging market conditions.