Forbes’ billionaires list: Dangote, Rabiu on the rise, Adenuga, Otedola make list again

Aliko Dangote, the founder of Dangote Group, has retainedhis position as Africa’s richest man, as the combined wealth of the continent’sbillionaires rose to $126.7 billion. According to the latest ranking by Forbes, the fortunes ofAfrica’s 23 billionaires increased by $20.3 billion over the past year. The report said the figure represents a 21 percent rise from2025, Dangote’s net worth climbed to $28.5 billion after shares ofDangote Cement surged nearly 69 percent since March last year, with the companyalso reporting a record N1 trillion profit in 2025. The ranking also showed that Abdulsamad Rabiu, chairman ofBUA Group, recorded the biggest wealth increase on the list, with his net worthrising by 120 percent, or $6.1 billion, to $11.2 billion. The gain moved Rabiu from the sixth spot to third placeamong Africa’s richest individuals, behind South African luxury goods magnate,Johann Rupert, who maintained his second position with $16.1 billion. Forbes attributed Rabiu’s surge largely to the performanceof BUA Cement, whose shares rose by 135 percent over the past year. The fourth spot was occupied by Nicky Oppenheimer &family with $10.6 billion net worth, which increased by $200 million from $10.4billion in April 2025. Nassef Sawiris, an Egyptian businessman who owns a stake inAston Villa F.C. and holds about 6 percent of Adidas, completed the top fivelist with a $9.6 billion net worth — the same fortune he had last year,according to Forbes. Other Nigerians on the list are Mike Adenuga, the founder ofGlobacom, who was ranked sixth — from fifth spot last year — with a $6.5billion fortune, and Femi Otedola, the chairman of First HoldCo, who dropped tothe 22nd position with $1.3 billion, from 16th spot. Adenuga’s net worth dropped by $300 million, while that ofOtedola decreased by $200 million, after selling most of his stake in GereguPower Plc at a discount, according to Forbes. The publication said they are among the four of the 23billionaires who became poorer in the last one year. Among them is Anas Sefrioui, a Moroccan real estatedeveloper, whose wealth fell by about $300 million to $1.3 billion, aftershares of Group Addoha dropped by more than 30 percent. According to the publication, South Africa remains home tothe largest number of billionaires in Africa, with seven on the list, followedby Egypt (five), Nigeria (four) and Morocco (three). The publication added that 14 of the 23 billionaires areself-made, while there are currently no female billionaires in Africa. Forbes said the ranking tracks African citizens who resideon the continent or have their primary businesses there.

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