Dangote, Rabiu, Otedola, Adenuga Listed on Forbes’ 2025 Billionaires
Four of Nigeria’s billionaire business giants—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—made the list in the recently published Forbes 2025 Billionaires List, cementing their status as part of the richest individuals on the African continent.
Aliko Dangote, owner of the Dangote Group, remains at the top of the African wealth charts, being the richest individual in Africa for the 14th years in a row.
With a net value of $23.9 billion, Dangote has had an astronomical rise in his net value from $13.9 billion in 2024. This is particularly attributed to the successful operations of the Dangote Oil Refinery, which started refining crude oil in early 2024.
The Dangote Oil Refinery, situated at the edge of Lagos, will be among the largest single-train refineries globally when it attains operations at full capacity. This put Dangote’s business interests even more at the center, as the refinery will revolutionize Nigeria’s oil sector and significantly boost his business empire.
Mike Adenuga, Nigeria’s second richest businessman, is among the globe’s top-ranked billionaires with a net worth valued at $6.9 billion. The major contributors to the wealth of Adenuga are his interests in the telecommunications and oil and gas sectors.
Globacom, the second largest cellular phone network in Nigeria with over 60 million subscribers, is Adenuga’s property.
Apart from his telecommunications venture, Adenuga also has interests in the oil industry under his company, Conoil, to solidify his position as a market leader in both sectors. Riding out the volatility of the market, Adenuga’s diversified business continues to propel his riches.
BUA Group founder Abdulsamad Rabiu increased his net wealth to $5.9 billion and joined the richest on the continent. Most of Rabiu’s wealth has been generated by investments in the manufacture of cement, real estate, and other industries.
BUA Group boasts Nigeria’s largest cement company, and Rabiu’s opportunities for business extend far beyond construction materials. His astute business acumen has set him as a primary influence in Africa’s manufacturing sector, with BUA Group expanding its influence both within Nigeria and throughout the African continent.
Femi Otedola, who has had lucrative ventures in the energy sector, is worth $1.1 billion and features on the list of African billionaires. Otedola made his fortunes through his company, Forte Oil, which deals in energy as well as oil distribution.
Even though he sold his stake in Forte Oil in 2019, Otedola is still an investor in many industries including real estate and banking. His investments have also forced him to diversify and accumulate more wealth, making him one of Nigeria’s most influential business personalities.
The presence of Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola on the Forbes 2025 Billionaires List shows the rising influence and success of Nigerian businesspeople globally.
The businessmen not only drive the Nigerian economy but also dominate key positions in African economic growth in oil, telecommunication, real estate, and manufacturing industries.
Their success points to the importance of diversified business models and long-term investment strategies in building lasting wealth. As their companies continue to grow and expand, these billionaires will most likely be business leaders in Africa for many decades to come.
