Nigerian businessman and industrialist Aliko Dangote has retained his spot as the Africa’s richest man for the 14th consecutive year, with his fortune surging to $23.9 billion, according to Forbes’ 2024 Africa Billionaires list published on Saturday.
Femi Otedola who is also Nigerian rejoined the rankings with a net worth of $1.5 billion, while Globacom CEO Mike Adenuga secured the fifth spot with $6.1 billion.
The recent valuation marks a sharp rise from the $13.9 billion attributed to Dangote last year, this is driven by Forbes’ inclusion of his newly operational oil refinery.
Dangote’s wealth has now placed him among the top 100 richest individuals globally.
Africa’s billionaires collectively amassed $105 billion as of early March of 2025, the highest ever recorded by Forbes. The continent’s wealthiest individuals benefited from a global equity market rally and strong performances in cement, luxury goods, power, and telecommunications.
This year’s list features 22 billionaires from eight countries, up from 20 last year. South African luxury goods tycoon Johann Rupert retained second place with $14 billion, while Egypt’s Nassef Sawiris ranked fourth at $9.6 billion.
The list also includes another Nigerian billionaire, Abdulsamad Rabiu, founder of BUA Group, with an estimated net worth of $8.1 billion. Adenuga, owner of Globacom and Conoil, ranked fifth overall and second among Nigerian billionaires, while Rabiu placed sixth in Africa and third in Nigeria. Otedola ranked 16th on the African list and fourth among Nigerian billionaires.
