By Ayomide Otitoju
Four Nigerian business leaders — Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad Rabiu — have been listed among Africa’s wealthiest 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, the founder of Dangote Group added about $4.6 billion to his fortune over the past year, largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited.
Telecommunications magnate Adenuga also maintained his place among the continent’s billionaires. The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most influential entrepreneurs, with diversified investments spanning telecommunications, oil and gas, and banking.
Otedola, chairman of Geregu Power Plc, also appeared on the list despite a slight decline in his wealth over the past year. Forbes estimates that the billionaire investor lost about $200 million following the sale of a majority stake in the power generation company at a discount to its market value.
Meanwhile, Rabiu recorded a significant increase in his net worth, largely driven by the strong performance of BUA Cement, whose shares rose 135 per cent over the past year, outperforming the broader rally in Nigeria’s 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 they collectively added $20.3 billion to their fortunes.
Forbes attributed the growth in billionaire wealth across the continent to strong equity market performance, record corporate profits, and improving currency stability in several African economies.
South Africa recorded the highest number of billionaires on the list with seven, followed by Egypt with five, Nigeria with four, and Morocco with three.
However, no female African billionaires appeared on the 2026 ranking, according to the report.
