Dangote, Otedola, Adenuga, Rabiu’s fortunes soar,
By Juliet Ebirim
Nigerian business magnates, Aliko Dangote, Femi Otedola, Mike Adenuga and Abdulsamad Rabiu, have secured coveted spots on the 2025 Forbes World’s Billionaires list, released last Saturday.
Aliko Dangote, owner of the newly operational Dangote Refinery, maintains his position as Africa’s wealthiest individual for the 14th consecutive year.
His net worth surged dramatically from $13.9 billion in 2024 to a staggering $23.9 billion, a growth largely attributed to the inclusion of his refinery’s value by Forbes. “Aliko Dangote of Nigeria tops the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago,” Forbes reported. “The big jump in his fortune is primarily due to Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays.”
Mike Adenuga, chairman of Globacom, secured the fifth spot among Africa’s richest, boasting a net worth of $6.8 billion. Abdulsamad Rabiu, the driving force behind BUA Group, followed closely in sixth place with an estimated $5.1 billion. Femi Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, made a notable return to the list, sharing the 16th position with a net worth of $1.5 billion.
Forbes highlighted Otedola’s significant growth, noting, “Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40% in the past year following a jump in revenue and profits. Two African billionaires who made the list in the past and then fell off are back on again.”
The 2025 list reveals South Africa leading the continent with seven billionaires, while Nigeria and Egypt each boast four. Morocco features three, and Algeria, Tanzania, and Zimbabwe each have one.
This year marks a historic milestone for African billionaires, with their combined wealth surpassing $100 billion for the first time. “Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year” Forbes stated.
The post Dangote, Otedola, Adenuga, Rabiu’s fortunes soar appeared first on Vanguard News.
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Nigerian business magnates, Aliko Dangote, Femi Otedola, Mike Adenuga and Abdulsamad Rabiu, have secured coveted spots on the 2025 Forbes World’s Billionaires list, released last Saturday.
The post Dangote, Otedola, Adenuga, Rabiu’s fortunes soar appeared first on Vanguard News.
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