For the first time in history, the combined net worth of Africa’s billionaires has surpassed the $100 billion milestone, fueled largely by Nigeria’s leading business moguls.
According to Forbes’ latest Billionaire List released in March 2025, Africa now boasts 22 billionaires with a collective wealth of $105 billion—an increase from $82.4 billion and 20 billionaires recorded last year. Despite economic challenges such as currency devaluations, political instability, and fragile consumer markets, African billionaires have seen substantial gains.
Dangote’s Refinery Fuels Wealth Surge
Africa’s richest man, Aliko Dangote, has topped the list for the 14th consecutive year, with his net worth soaring from $13.9 billion in 2024 to $23.9 billion in 2025. The surge is largely attributed to the inclusion of the Dangote Refinery’s valuation in Forbes’ assessment.
The $19 billion refinery, which commenced partial operations in early 2024 after years of delays, is set to reach full refining capacity this month. Located on the outskirts of Lagos, the facility is a major breakthrough for Nigeria’s energy sector, enabling the country to export refined petroleum products for the first time in decades.
“This is a very, very big relief,” Dangote told Forbes in February, emphasizing that the refinery marks a crucial step in Africa’s ability to refine its crude oil, fostering wealth creation and economic stability.
With this remarkable jump, Dangote has also entered the global elite club, ranking among the 100 richest people in the world—an achievement unmatched by any other African billionaire this year.
Nigeria’s Billionaires Hold Strong
For the second consecutive year, Nigerian businessman Femi Otedola, chairman of Geregu Power Plc, retained his spot on the billionaire list, boasting a net worth of $1.5 billion. His financial resurgence is tied to a nearly 40% rise in Geregu’s share price, following strong revenue growth and improved earnings performance.
Otedola, once an oil magnate, has shifted focus to power generation and financial services, with significant investments in First HoldCo Plc, the parent company of FirstBank.
The Nigerian presence on the list also includes:
Abdulsamad Rabiu, founder of BUA Group, with a net worth of $8.1 billion (6th richest in Africa, 2nd in Nigeria).
Mike Adenuga, owner of Globacom and Conoil, valued at $6.1 billion (5th richest in Africa, 3rd in Nigeria).
Femi Otedola, ranked 16th in Africa and 4th in Nigeria.
Nigeria’s Economic Influence Grows
Nigeria’s billionaires not only contribute to the country’s wealth but also play a vital role in shaping Africa’s economic landscape.
Dangote alone accounts for nearly a quarter of the total $105 billion controlled by African billionaires. Collectively, Nigeria’s four billionaires hold close to $40 billion in assets, reinforcing the nation’s dominance in private wealth creation.
As the Dangote Refinery scales up, Geregu Power continues to thrive, and companies like BUA and Globacom maintain market strength, Nigerian billionaires remain key drivers of economic transformation across the continent.
