Four Nigerian businessmen — Aliko Dangote, Mike Adenuga, Femi Otedola and Abdul Samad Rabiu — have been named among Africa’s richest individuals in the 2026 ranking released by Forbes.
According to the latest Africa Billionaires list, Dangote retained his position as Africa’s richest man with an estimated net worth of $28.5 billion. He 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 Africa’s billionaires. The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most influential entrepreneurs with interests spanning telecommunications, oil and gas, and banking.
Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight dip in his wealth over the past year. Forbes estimated 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 price.
The rise in Rabiu’s net worth was largely driven by the performance of BUA Cement, whose shares rose 135 per cent over the past year, outperforming the broader rally on the Nigerian stock market.
Forbes reported that the 23 billionaires on the continent are now worth a combined $126.7 billion, representing a 21 per cent increase from 2025 after they collectively added $20.3 billion to their net worth.
Across the continent, billionaire fortunes were boosted by strong equity market performance, record corporate profits and improving currency stability in several African economies.
South Africa has the highest number of billionaires on the list with seven individuals, followed by Egypt with five, Nigeria with four, and Morocco with three.
No female billionaires from Africa appeared on the 2026 ranking.
