Four Nigerian business leaders, Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad Rabiu — have been named among Africa’s richest individuals in the 2026 Forbes Africa Billionaires ranking.
The latest list released by Forbes showed that Dangote retained his position as Africa’s richest man, with an estimated net worth of $28.5 billion.
According to the report, Dangote’s wealth increased by about $4.6 billion over the past year, largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited.
Telecommunications mogul Mike Adenuga, founder of Globacom and chairman of Conoil Producing, also maintained his place among the continent’s billionaires.
Adenuga remains one of Nigeria’s most prominent entrepreneurs with investments spanning telecommunications, oil and gas, and banking.
Billionaire investor Femi Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight decline in his net worth.
Forbes reported that Otedola’s fortune dropped by about $200 million after he sold a majority stake in the power generation company at a price below its prevailing market value.
Meanwhile, Abdulsamad Rabiu, founder and chairman of the BUA Group, recorded an increase in his wealth over the past year.
The rise in Rabiu’s fortune was largely attributed to the strong performance of BUA Cement, whose share price surged by 135 percent within the period, outperforming the broader rally in Nigeria’s stock market.
Overall, the 23 billionaires listed across Africa now have a combined wealth of $126.7 billion, representing a 21 percent increase compared to 2025.
The report noted that the continent’s billionaires collectively added $20.3 billion to their fortunes during the year, driven by strong corporate profits, improved stock market performance, and relative 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 ranked third with four billionaires, while Morocco had three individuals on the list.
However, the 2026 ranking did not include any female billionaires from Africa, highlighting the continued gender gap among the continent’s wealthiest individuals.
