The 2025 Forbes ranking of African Billionaires was released on Saturday, 29th March, 2025, showing four (4) Nigerian Billionaires on the list.
The Forbes ranking lists Aliko Dangote, President of Dangote Group, Mike Adenuga, Chairman/CEO of telecommunications firm, Globacom, Abdulsamad Rabiu, Chairman of BUA Group and Chief Femi Otedola, the Chairman of Geregu Power PLC and First HoldCo PLC.
It was a banner year for Africa’s billionaires, whose accumulated wealth surpassed $100 billion for the first time ever. 22 African Billionaires saw their fortunes rise above $105 billion, up from $82.4 billion. For Nigeria, its Billionaires on the list attained an increase in wealth which totalled a massive $37.3 billion.
Aliko Dangote of Nigeria topped the list for a consecutive 14th year with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago. The big jump in his fortune is primarily due to Forbes’ consideration and inclusion of the value of his newly built 650,000 BPD single train refinery, which opened last year on the outskirts of Lagos, Nigeria.
“This is a very, very big relief,” Dangote, 67, told Forbes in February. Dangote, one of world’s top 100 richest people, believes that his latest project is “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”
The second richest Nigerian on the list is Mike Adenuga at $6.8 billion, followed by Abdulsamad Rabiu at $5.1 billion and Chief Femi Otedola at $1.5 billion.
Otedola (Chairman of NGX listed power generation firm Geregu Power Plc), saw his fortune grow by more than 30% as Geregu’s shares soared by 40% in the previous year following a jump in revenue and profits.
The second richest African on the list is South African luxury goods tycoon Johann Rupert, whose fortune rose by 39% to $14 billion, making it the second-largest gain amongst the billionaires. Rupert has occupied the No. 2 spot since 2022.
Two African billionaires who also made the list are Anas Sefrioui, a Moroccan housing tycoon who owns a substantial stake in real estate firm Douja Promotion Groupe Addoha, and Jannie Mouton, founder of a South African investment firm, with controlling shares in Capitec Bank Holdings.
South Africa was ranked as the country with the highest number of billionaires this year, with seven billionaires making the list, followed by Nigeria with four listed billionaires and Egypt with four listed billionaires. The list also includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one from Tanzania (Mohammed Dewiji) and one (Masiyiwa) from Zimbabwe.
Source: Forbes