Four Nigerian business leaders, Aliko Dangote, Abdulsamad Rabiu, Mike Adenuga and Femi Otedola, have been named among Africa’s richest individuals in the 2026 Africa Billionaires ranking released by Forbes on March 9.
The latest list highlights a strong increase in wealth among the continent’s richest entrepreneurs, supported by rising equity markets, record corporate profits and improving currency stability in several African economies.
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. The group collectively added about $20.3 billion to their fortunes over the past year.
Nigeria maintained a strong presence in the ranking with four billionaires, underscoring the country’s continued role as a major hub for private enterprise and large-scale business ventures in Africa.
Dangote, founder and chairman of Dangote Group, retained his position as Africa’s richest person with an estimated net worth of $28.5 billion. The Nigerian industrialist added about $4.6 billion to his wealth over the past year, largely driven by gains in shares of Dangote Cement Plc on the Nigerian Exchange.
Shares of the cement producer have climbed nearly 69 percent since March 2025, supported by strong earnings growth. The company also recorded a milestone financial performance in 2025 after doubling profits to about N1 trillion, the highest in its history.
Dangote’s industrial empire spans cement, sugar, fertilizer and petroleum refining. His Lagos-based Dangote Refinery, one of the largest oil refineries in the world, is expected to be listed on the stock market later this year, a move analysts say could unlock additional value for investors.
Abdulsamad Rabiu, founder of BUA Group, recorded the biggest gain among Nigerian billionaires on the list. His wealth rose by 120 percent, or about $6.1 billion, to $11.2 billion, pushing him to third place among Africa’s richest individuals, up from sixth position a year earlier.
The surge in Rabiu’s net worth was driven mainly by the performance of BUA Cement Plc, whose shares climbed about 135 percent during the year, outperforming the broader rally on the Nigerian stock market.
Telecommunications magnate Mike Adenuga also retained his place among Africa’s billionaires. The founder of Globacom and chairman of Conoil Producing has built one of Nigeria’s largest private business empires, with interests spanning telecommunications, oil and gas, and financial services.
Femi Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight decline in his wealth over the past year. Forbes estimates the billionaire investor’s net worth fell by about $200 million following the sale of a majority stake in the power generation company at a discount to its market price.
Across the continent, South Africa had the highest number of billionaires with seven individuals on the list, followed by Egypt with five. Nigeria ranked third with four billionaires, while Morocco accounted for three.
The ranking also highlights the entrepreneurial nature of wealth creation in Africa. Fourteen of the 23 billionaires are self-made, meaning they built their fortunes through business ventures rather than inheritance.
Despite the growth in wealth among Africa’s richest individuals, the 2026 ranking reflects a continued gender gap, with no female billionaires from Africa appearing on the list.