Africa’s Billionaires Grow $20 Billion Richer in a Year — Forbes Ranking Puts Nigeria’s Femi Otedola at the Bottom of the Elite Club.

BY UCHECHI OKPORIE

Africa’s wealthiest business tycoons have significantly expanded their fortunes, with the continent’s billionaire class adding more than $20 billion in just one year, according to the latest ranking released by Forbes.

The report shows that 23 African billionaires now control a combined wealth of about $126.7 billion, driven largely by a surge in regional stock markets and strong performance from major African companies.

At the top of the list remains Africa’s wealthiest industrial giant Aliko Dangote, whose fortune continues to dominate the continent’s wealth rankings thanks to the success of his cement, refinery, and manufacturing empire.

Another major winner in the ranking is Nigerian billionaire Abdulsamad Rabiu, who recorded the largest increase in wealth after his net worth surged by more than 120 percent, reflecting the booming performance of his business empire.

However, the report also highlighted a surprising twist: Nigerian energy and investment magnate Femi Otedola was ranked as the “poorest billionaire” on the continent, placing him at the bottom of Africa’s elite billionaire list despite still holding a fortune worth over $1 billion.

Analysts say the sharp rise in billionaire wealth signals renewed investor confidence in African markets and reflects the growing influence of the continent’s private sector in industries such as energy, finance, telecommunications, and manufacturing.