Forbes Magazine has released its latest list of Africa’s richest individuals, with four Nigerians making the cut. Aliko Dangote, owner of Dangote Refinery, retained his position as Africa’s richest person for the 14th consecutive year, with his net worth rising to $23.9 billion from $13.9 billion in 2024. Forbes attributed the significant increase to the valuation of his refinery, which began operations last year after prolonged delays.
Mike Adenuga, chairman of Globacom, secured the fifth spot with a net worth of $6.8 billion, while Abdulsamad Rabiu of BUA Group ranked sixth with an estimated $5.1 billion. Femi Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, held the joint 16th position with a net worth of $1.5 billion. Forbes noted that Otedola’s fortune grew by over 30%, driven by a 40% surge in shares of Geregu Power Plc following increased revenue and profits.
South Africa had the highest number of billionaires on the list, with seven individuals, followed by Nigeria and Egypt, each with four. Other countries represented include Morocco (three billionaires), Algeria (one), Tanzania (one), and Zimbabwe (one).
Forbes highlighted that 2024 was a record-breaking year for Africa’s wealthiest, with the collective fortune of the continent’s 22 billionaires reaching $105 billion, surpassing the previous year’s $82.4 billion. The magazine acknowledged the challenges of accumulating such wealth in Africa, given the political instability, currency fluctuations, and tough market conditions.
Source : https://www.channelstv.co
