Photo: AI-generated photos of Dangote, Otedola and Adenuga
By Douglas Maha
For the first time, Africa’s billionaires have collectively surpassed the $100 billion mark, with Nigerian business leaders playing a significant role in this financial milestone. The latest Forbes Billionaire List (March 2025) reveals that the continent now boasts 22 billionaires with a combined net worth of $105 billion, marking a sharp rise from last year’s $82.4 billion and 20 billionaires.
Despite ongoing economic challenges, including currency instability and political uncertainties, Africa’s wealthiest individuals have seen notable gains. Nigeria, which has four billionaires, recorded the highest surge in wealth, largely driven by Aliko Dangote and Femi Otedola.
Nigeria’s Wealth Leaders
| Name | Net Worth (2025) | Net Worth (2024) | Industry |
|---|---|---|---|
| Aliko Dangote | $23.9B | $13.9B | Manufacturing, Oil & Gas |
| Abdulsamad Rabiu | $8.1B | $7.5B | Cement, Real Estate |
| Mike Adenuga | $6.1B | $5.7B | Telecom, Oil & Gas |
| Femi Otedola | $1.5B | Not listed | Power, Financial Services |
Dangote’s Billion-Dollar Leap
Aliko Dangote remains Africa’s richest individual for the 14th consecutive year, with his fortune skyrocketing by $10 billion in a single year. This increase is directly linked to the operational launch of the Dangote Refinery, a $19 billion project that is transforming Nigeria’s oil industry. The refinery, which began production in 2024, is expected to reach full refining capacity soon, positioning Nigeria as an exporter of refined petroleum.
“This is a major breakthrough for Africa,” Dangote told Forbes, emphasizing the refinery’s role in reducing crude oil exports and strengthening local economies. His financial rise also places him among the world’s 100 richest people, a distinction no other African billionaire has achieved this year.
Otedola’s Comeback
After years off the billionaire rankings, Femi Otedola has re-emerged with a net worth of $1.5 billion, thanks to the soaring value of Geregu Power Plc. The company’s shares surged nearly 40%, driven by strong earnings and increasing investor confidence in Nigeria’s energy sector. Otedola, who previously made his fortune in oil trading, has now shifted focus to power generation and financial services.
South Africa Leads in Numbers, Nigeria in Scale
While Nigeria dominates in overall wealth concentration, South Africa retains the highest number of billionaires, with seven individuals on the list.
| Country | No. of Billionaires |
|---|---|
| South Africa | 7 |
| Egypt | 4 |
| Nigeria | 4 |
| Morocco | 3 |
| Algeria | 1 |
| Tanzania | 1 |
| Zimbabwe | 1 |
South Africa’s Johann Rupert remains the country’s wealthiest, with his net worth climbing 39% to $14 billion, thanks to the success of Richemont, his luxury goods empire that owns Cartier and Montblanc.
Notable Billionaire Moves
- Nassef Sawiris (Egypt) saw his net worth rise to $8.7B, fueled by Adidas stock gains.
- Anas Sefrioui (Morocco) rejoined the billionaire ranks after a resurgence in real estate.
- Strive Masiyiwa (Zimbabwe) suffered a 33% drop in wealth due to Zimbabwe’s currency overhaul, now holding $1.2B.
Behind the Numbers
The Forbes list is based on stock prices and exchange rates as of March 7, 2025. It excludes individuals with significant African ties but primary business operations abroad, such as Mo Ibrahim (UK-based) and Nathan Kirsh (US/UK-based).
Nigeria’s Growing Influence
Although Nigeria has fewer billionaires than South Africa, its four wealthiest individuals control nearly $40 billion, accounting for almost 40% of Africa’s total billionaire wealth. With the Dangote Refinery expanding, Geregu Power rising, and BUA Group and Globacom sustaining momentum, Nigeria’s business elite continue to shape Africa’s financial landscape.
