Four Nigerian businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola, have been named among Africa’s richest individuals in the latest Forbes Africa Billionaires ranking.
The annual list tracks the continent’s wealthiest entrepreneurs and investors whose fortunes are largely tied to industries such as cement, telecommunications, energy, and commodities.
Dangote remains Africa’s richest man
Nigerian industrialist Aliko Dangote, founder of Dangote Group, retained his position as Africa’s richest person for the 14th consecutive year, with an estimated net worth of $23.9 billion.
His wealth saw a significant jump after Forbes included the value of the Dangote Refinery in its calculations, a project widely regarded as one of Africa’s largest industrial investments.
Read also: How Abdul Samad Rabiu rose to Africa’s fourth richest on back of BUA Foods earnings
Adenuga and Rabiu follow
Telecommunications and oil tycoon Mike Adenuga, chairman of Globacom and Conoil, ranked fifth in Africa with a fortune estimated at about $6.8 billion.
Close behind him is Abdulsamad Rabiu, founder of BUA Group, whose wealth, driven by cement, sugar and other industrial investments, is estimated at around $5.1 billion, placing him sixth on the continent.
Otedola returns to the billionaire club
Investor and energy executive Femi Otedola, chairman of Geregu Power Plc and a major shareholder in FirstHoldCo Plc, also made the list with an estimated $1.5 billion net worth.
His return to the rankings was driven largely by the strong performance of Geregu Power’s shares, which rose significantly following improved earnings and revenues.
The latest ranking showed Nigeria’s continued presence among Africa’s wealthiest individuals, with the four billionaires spanning sectors such as cement, telecommunications, energy, power generation and commodities.
Across the continent, Forbes recorded 22 billionaires with a combined wealth exceeding $100 billion.
The business empires of these billionaires span industries critical to economic growth. Companies linked to them collectively employ tens of thousands of workers, contribute billions of naira in taxes, and play a central role in Nigeria’s industrial development.
For instance, the expansion of the Dangote Group refinery and cement operations is expected to significantly reshape energy supply and construction costs across West Africa. Similarly, investments by BUA Group, Globacom, and Geregu Power Plc continue to influence Nigeria’s manufacturing capacity, telecommunications infrastructure, and electricity generation.
