Forbes Magazine has named Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola in its 2025 list of the richest individuals in Africa.  

According to the 2025 edition published on the magazine’s website on Saturday, the CEO and founder of the Dangote Group, Mr Dangote, tops the list once again for the 14th consecutive year, with an estimated net worth of $23.9 billion—up from $13.9 billion in 2024.  

The report attributes the surge in his net worth to the valuation of his refinery, which opened last year in Lagos.  

The Dangote Group, a multinational conglomerate, operates in various sectors of the economy, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and projects in oil & gas and fertiliser.  

Globacom chairman, Mr. Adenuga, ranks 5th in Africa and 2nd in Nigeria with a net worth of $8.5 billion, followed by Abdul Samad Rabiu, founder and chairman of BUA Group, who ranks 6th in Africa and 3rd in Nigeria, with a net worth of $5.1 billion.  

Femi Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, shares the 16th position in Africa with Christoffel Wiese of South Africa, ranking 4th in Nigeria, with a net worth of $1.5 billion.  

The business magazine noted that South Africa had the highest number of individuals on the list, with seven billionaires, followed by Nigeria and Egypt with four each.  

Other countries represented on the list include Morocco with three, while Algeria, Tanzania, and Zimbabwe each have one.  

Forbes stated that the ranking was based on individuals who reside in Africa or primarily run their businesses there, with the exception of Sudanese-UK billionaire Mo Ibrahim and South African billionaire Nathan Kirsh.  

“Our list tracks the wealth of African billionaires who reside in Africa or have their primary business there,” it said. “This excludes Sudanese-born billionaire Mo Ibrahim, a U.K. citizen, and South African Nathan Kirsh, who operates out of London and has his business in the U.S. and U.K.”  

“Net worths were calculated using stock prices and currency exchange rates from the close of business on March 7, 2025,” it added.