23rd August 2025
By Peter Omopo
Four Nigerian businessmen — Aliko Dangote, Abdulsamad Rabiu, Mike Adenuga, and Femi Otedola — have secured spots on the latest Forbes Real-Time Billionaires List, underscoring their influence in Africa’s wealth landscape.
According to the ranking released on Saturday, Dangote leads the pack with a net worth of $24.4 billion, placing him at 88th globally and reaffirming his status as Africa’s richest man.
He is followed by BUA Group chairman Abdulsamad Rabiu, worth $7.2 billion at 516th position, Globacom and Conoil founder Mike Adenuga at $6.3 billion and 592nd place, and Geregu Power Plc chairman Femi Otedola, who returned to the list with $1.5 billion at 2424th position.
Dangote’s fortune, built on cement, sugar, and his multibillion-dollar refinery launched in 2023, is more than three times Rabiu’s, nearly four times Adenuga’s, and over sixteen times Otedola’s, highlighting the scale of his dominance in African business.
Dangote first joined the Forbes billionaires list in 2008, briefly dropped off, and reclaimed his place in 2011. He has since maintained his crown as Africa’s wealthiest man for 14 consecutive years.
While Rabiu and Adenuga have sustained their positions through investments in cement, sugar, oil, and telecoms, Otedola’s return reflects renewed momentum in his energy and power ventures.
The presence of the four tycoons on the global wealth index highlights the concentration of Nigeria’s billionaire wealth in a few sectors — manufacturing, oil, telecoms, and power — while also pointing to the limited diversification of wealth creation at the highest levels in the country.
