Four Nigerian business magnates — 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 ranking underscores the continued dominance of Nigerian entrepreneurs among the continent’s wealthiest, as strong corporate performance and improving market conditions helped boost billionaire fortunes.
Dangote retained his spot as Africa’s richest man, with a net worth of $28.5 billion, according to Forbes. The industrialist added approximately $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 surged by about 120 percent, or $6.1 billion, reaching $11.2 billion and moving him from sixth to third place among Africa’s richest. Forbes attributed the growth to the strong performance of BUA Cement, whose shares climbed 135 percent in the past year, outperforming the broader Nigerian stock market.
Telecommunications mogul Adenuga also retained his position among Africa’s billionaires. As founder of Globacom and chairman of Conoil Producing, he remains one of Nigeria’s most influential business figures, with interests spanning telecoms, oil, gas, and banking.
Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight decline in wealth. Forbes estimates that the billionaire investor lost around $200 million after selling a majority stake in his power company at a discounted rate.
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Across Africa, the continent’s billionaire class saw significant gains, with the 23 billionaires now having a combined net worth of $126.7 billion, a 21 percent increase from 2025 after collectively adding $20.3 billion. Forbes cited strong equity markets, record corporate profits, and improving currency stability in several African economies as key drivers.
In terms of national representation, South Africa leads with seven billionaires, followed by Egypt with five, Nigeria with four, and Morocco with three. Despite these gains, no female billionaires from Africa appeared on the 2026 list.
The Forbes Africa Billionaires ranking evaluates the wealth of the continent’s richest individuals based on publicly listed company valuations and other disclosed financial assets.