Four Nigerian business moguls — Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad Rabiu — have been listed among Africa’s richest individuals in the 2026 Africa Billionaires ranking released by Forbes.
Dangote retained his position as Africa’s richest man with an estimated net worth of $28.5 billion.
According to the ranking, he added about $4.6 billion to his fortune in 2025, largely due to the strong performance of Dangote Cement on the Nigerian Exchange Limited.
Telecommunications tycoon Adenuga also maintained his place on the list. The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most prominent entrepreneurs, with business interests spanning telecommunications, oil and gas, and banking.
Otedola, who is the chairman of Geregu Power Plc, also appeared on the list, despite a slight decline in his wealth.
Forbes reported that the billionaire businessman lost about $200 million after selling a majority stake in the power generation firm at a price below its market value.
Rabiu, founder of BUA Group, recorded an increase in his fortune, largely driven by the strong performance of BUA Cement.
Again, Dangote Refinery raises petrol price to N1,175 per litre
Shares of the company surged by about 135 per cent over the past year, outperforming the broader rally in the Nigerian stock market.
Overall, the 23 billionaires in Africa now have a combined net worth of $126.7 billion, representing a 21 per cent increase from 2025 after their fortunes collectively grew by $20.3 billion.
Forbes attributed the growth in billionaire wealth across the continent to strong equity market performance, record corporate earnings, and improved currency stability in several African economies.
South Africa has the highest number of billionaires on the list with seven individuals, followed by Egypt with five. Nigeria has four billionaires on the ranking, while Morocco has three.
No African woman featured on the 2026 billionaire ranking.
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