Nigerian billionaires shine on forbes’ 2025 billionaires list
By Dooyum Naadzenga
Nigerian business leaders Abdul Samad Rabiu, Femi Otedola, and Mike Adenuga have once again secured their positions on Forbes’ 2025 African Billionaires List, joining the ranks of Aliko Dangote, who remains Africa’s richest person.
This quartet brings to the fore Nigeria’s huge impact on the continent’s wealth landscape, even as economic challenges persist.
The 2025 list sees Africa’s billionaire count rise to 22 members, with a collective fortune of $105 billion, a notable increase from the previous year’s total of $82.4 billion.
Nigeria maintains a steady representation of four billionaires, trailing behind South Africa’s seven. Dangote’s wealth surged to $23.9 billion, largely attributed to the valuation of his Dangote Petroleum Refinery, which commenced partial operations in 2024, solidifying his dominance as the continent’s wealthiest individual for the 14th consecutive year.
Abdul Samad Rabiu, the chairman of BUA Group, ranks sixth in Africa with a net worth of $5.1 billion, reflecting the strength of his conglomerate in the manufacturing and infrastructure sectors. Following him, Mike Adenuga, founder of Globacom, occupies fifth place with $6.8 billion, bolstered by his ventures in telecommunications and oil. Femi Otedola, who recently made a return to the billionaire list after an eight-year absence, holds a net worth of $1.5 billion and is positioned in joint 16th place.
Despite currency fluctuations and political transitions, Nigeria’s billionaire presence remains robust. The list highlights the resilience of Nigerian entrepreneurs, with Rabiu’s diverse portfolio and Adenuga’s telecom expansion exemplifying the country’s economic diversification efforts.
Otedola’s return signals a renewed optimism in the energy sector, particularly as Geregu Power navigates ongoing power challenges in Nigeria.
Forbes emphasized that their rankings focus exclusively on billionaires who reside in Africa or have their primary business operations here, excluding individuals like Mo Ibrahim, a U.K. citizen, to maintain a clear connection to the African market. The valuations were calculated using stock prices and exchange rates as of March 7, 2025.
Overall, the 2025 Billionaires List reaffirms Nigeria’s status as a key player in African wealth creation, although its billionaire count remains modest compared to regional peers.
As the continent continues to evolve economically, the fortunes of these business magnates reflect both individual success and the broader dynamics of wealth in Africa.
