Four Nigerian business leaders — Aliko Dangote, Mike Adenuga, Femi Otedola and Abdulsamad Rabiu — have been named among Africa’s richest individuals in the 2026 Africa Billionaires ranking released by Forbes.
The latest ranking highlights the continued prominence of Nigerian entrepreneurs among Africa’s wealthiest individuals, as strong corporate performance and improved market conditions boosted billionaire fortunes across the continent.
Dangote retained his position as Africa’s richest man, with an estimated net worth of $28.5 billion, according to Forbes.
The industrialist added about $4.6 billion to his wealth over the past year, largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited.
Rabiu, founder of BUA Group, recorded one of the largest gains on the list. His net worth rose by about 120 percent, or $6.1 billion, to reach $11.2 billion, moving him up to become the third-richest person in Africa, from sixth position in the previous year.
The increase in Rabiu’s fortune was largely attributed to the strong performance of BUA Cement, whose shares surged by 135 percent over the past year, outperforming the broader rally in Nigeria’s stock market.
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👉 JOIN GISTSMATE WHATSAPP CHANNELTelecommunications magnate Adenuga also retained his place among Africa’s billionaires. The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most influential entrepreneurs, with business interests spanning telecommunications, oil and gas, and banking.
Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight decline in his wealth over the past year. Forbes estimates that the billionaire investor lost about $200 million after selling a majority stake in the power generation company at a discount to its market price.
Across the continent, Africa’s billionaire class recorded significant gains over the past year. According to Forbes, the 23 billionaires on the continent now have a combined net worth of $126.7 billion, representing a 21 percent increase from 2025 after collectively adding $20.3 billion to their fortunes.
The growth in wealth was largely driven by strong equity market performance, record corporate profits, and improving currency stability in several African economies.
In terms of country representation, South Africa recorded the highest number of billionaires on the list with seven individuals, followed by Egypt with five, Nigeria with four, and Morocco with three.
Despite the increase in wealth among Africa’s richest individuals, no female billionaires from the continent appeared on the 2026 ranking.
The Forbes Africa Billionaires list tracks the wealth of the continent’s richest individuals, drawing primarily from publicly listed company valuations and other disclosed financial assets.
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