Four Nigerian business leaders; Aliko Dangote, Abdulsamad Rabiu, Mike Adenuga and Femi Otedola, have been listed among the wealthiest individuals in Africa in the 2026 Africa Billionaires ranking released by Forbes.
The ranking highlights Nigeria’s continued influence in the continent’s private sector economy, particularly in industries such as manufacturing, energy, telecommunications and power generation. The presence of the four Nigerian entrepreneurs reflects the strength of some of the country’s largest conglomerates and the role of capital markets in expanding corporate wealth.
Across Africa, billionaire fortunes grew significantly over the past year as equity markets strengthened, corporate profits increased and several large companies recorded improved financial performance.
Growth in Africa’s billionaire wealth
According to Forbes, Africa’s billionaire class now consists of 23 individuals with a combined net worth of about $126.7 billion. This represents a 21 percent increase compared to 2025 after the group collectively added approximately $20.3 billion to their fortunes over the past year.
The growth reflects the impact of rising stock market valuations, improved business performance and stronger investor confidence in several key African industries. Many of the continent’s largest fortunes are linked to publicly traded companies operating in sectors such as cement manufacturing, telecommunications, mining, energy and financial services.
Dangote’s wealth increased by roughly $4.6 billion over the past year, largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited.
Shares of the cement producer have risen by nearly 69 percent since March 2025 following strong earnings growth and sustained demand for construction materials across Nigeria and other African markets.
The company also recorded a major financial milestone in 2025 after reporting profits of about one trillion naira, the highest in its corporate history.
Dangote’s business empire also includes the massive Dangote Refinery located in Lagos. The refinery is one of the largest oil refining facilities in the world and is expected to significantly reshape Nigeria’s petroleum industry by reducing dependence on imported refined products. Dangote has also indicated that the refinery could be listed on the stock market in the future, a development that could unlock substantial investment opportunities.
Rabiu records fastest rise in wealth
The founder of BUA Group saw his fortune surge by about 120 percent, representing an increase of approximately $6.1 billion to reach $11.2 billion. The growth moved him to third place among Africa’s richest individuals, up from sixth position in the previous ranking.
The sharp rise in Rabiu’s net worth was largely linked to the strong performance of BUA Cement, whose shares climbed about 135 percent over the past year.
The rally in the company’s stock price outperformed the broader surge recorded on the Nigerian stock market and reflects increased demand for cement linked to infrastructure development and urban construction activities across Nigeria.
Telecommunications entrepreneur Mike Adenuga also retained his position among Africa’s billionaires.
Adenuga is the founder of Globacom, one of Nigeria’s largest telecommunications providers, and chairman of Conoil Producing.
His investments span several sectors including telecommunications, oil and gas exploration and financial services, making him one of the most diversified business figures in Nigeria. Globacom continues to play a major role in Nigeria’s telecommunications sector by expanding mobile connectivity and digital services across the country.
Investor Femi Otedola also appeared on the 2026 list despite recording a slight decline in his estimated wealth.
According to Forbes estimates, Otedola lost about $200 million following the sale of a majority stake in Geregu Power Plc at a price lower than the company’s prevailing market value.
Despite the reduction, Otedola remains a major investor in Nigeria’s electricity sector. Geregu Power is one of the country’s leading power generation companies and plays an important role in supplying electricity to the national grid.
