Four Nigerians, Aliko Dangote, Abdulsamad Rabiu, Mike Adenuga and Femi Otedola have been named among Africa’s richest individuals in 2026.
This is according to the latest Africa Billionaires ranking released by Forbes, showing Nigeria’s continued presence among the continent’s wealthiest business leaders.
The latest list shows Africa’s billionaire class expanding their fortunes significantly over the past year.
According to Forbes, the 23 billionaires on the continent are now worth a combined $126.7 billion, representing a 21% increase from 2025 after they collectively added $20.3 billion to their net worth.
What Forbes is saying
- Dangote retained his position as Africa’s richest man, with an estimated net worth of $28.5 billion. The Nigerian industrialist 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.
Shares of the cement giant have climbed nearly 69% since March 2025, supported by strong earnings growth. The company also recorded a major financial milestone in 2025 after doubling its profits to about N1 trillion, the highest in its history.
- Dangote’s industrial empire also includes the massive Dangote Refinery in Lagos, one of the largest oil refineries in the world. The billionaire has indicated plans to list the refinery on the stock market later this year, a move expected to unlock additional value for investors.
- Another Nigerian billionaire making significant gains is Rabiu, founder of BUA Group. His wealth surged 120%, or $6.1 billion, to $11.2 billion, making him the third-richest person in Africa, up from sixth position last year.
The increase in Rabiu’s net worth was largely driven by the performance of BUA Cement, whose shares rose 135% over the past year, outperforming the broader rally on the Nigerian stock market.
Telecommunications magnate Adenuga also retained his place among Africa’s billionaires.
The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most influential entrepreneurs with diversified interests spanning telecoms, 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 estimates 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.
What you should know
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 remains the country with the highest number of billionaires on the list, with seven individuals, followed by Egypt with five, Nigeria with four, and Morocco with three.
The Forbes ranking also highlights the entrepreneurial nature of wealth creation in Africa. Fourteen of the 23 billionaires are self-made, meaning they built their wealth through business ventures rather than inheritance.
Despite the growth in wealth among Africa’s richest individuals, the list still reflects a significant gender imbalance, with no female billionaires from Africa appearing in the 2026 ranking.
Good evening I am JD an origin of southern Jamaica living here in west Africa Nigeria for now if really you Nigerians have this kind of billionaires then why is Nigeria still undergoing hardship and suffering terrorism here and here while me am begging the united states central command to please have mercy and take me out of West Africa Nigeria I mean the whole of Africa entirely