In the latest release of the annual World’s Billionaires list by Forbes, six Nigerian entrepreneurs have earned a spot among the world’s top Black billionaires for 2025. Aliko Dangote, Femi Otedola, and several other notable Nigerians are among the 23 Black billionaires globally, an exclusive group that makes up only 0.8% of the 3,028 billionaires on the list. Collectively, these billionaires have a combined wealth of $96.2 billion, with most of their fortunes coming from sectors such as finance, energy, and technology.
This prestigious list highlights the immense wealth and influence of Black entrepreneurs, and for Nigeria, it serves as a testament to the country’s role in shaping the global economic landscape. The six Nigerian billionaires, who continue to make waves both at home and abroad, are part of a group that represents a mix of legacy industries and modern businesses. Here’s a breakdown of the Nigerians featured on the 2025 World’s Black Billionaires list.
1. Aliko Dangote – $23.9 Billion
Topping the list of Nigerian billionaires is Aliko Dangote, Africa’s richest man, with a net worth of $23.9 billion. Dangote, the chairman of Dangote Group, saw his wealth surge dramatically in the past year, primarily due to the successful launch of the Dangote Refinery in early 2024. According to Forbes, this refinery, one of the largest in the world, played a crucial role in boosting Dangote’s fortune by $10.5 billion since last year’s ranking. Dangote’s business empire spans across multiple sectors including cement, sugar, salt, and now oil refining, making him one of the most influential businessmen in Africa.
2. Mike Adenuga – $6.8 Billion
Second on the Nigerian list and ranked fifth globally is Mike Adenuga, the owner of telecommunications giant Globacom. Adenuga, with a net worth of $6.8 billion, has expanded his fortune through various sectors, including oil and gas, banking, and telecommunications. His company, Globacom, is Nigeria’s second-largest mobile network provider. Adenuga’s wealth was built through strategic investments in high-growth industries, and his position as one of Africa’s leading businessmen continues to grow as his assets expand across various sectors.
3. Abdulsamad Rabiu – $5.1 Billion
Abdulsamad Rabiu, the founder of BUA Group, comes in third among Nigerians on the list, with a net worth of $5.1 billion. Rabiu, ranked sixth on the list, has made a name for himself in the cement and sugar industries, and his BUA Group has expanded significantly over the years. BUA Cement, which is one of Nigeria’s largest cement manufacturers, plays a vital role in the nation’s construction and infrastructure development sectors. Rabiu’s ability to strategically diversify his investments has helped him build a substantial fortune.
4. Adebayo Ogunlesi – $12.5 Billion
Adebayo Ogunlesi, the CEO of Global Infrastructure Partners (GIP), also made it to the prestigious list. Ogunlesi, who ranks 11th among Black billionaires globally, boasts a net worth of $12.5 billion in cash and shares after his company, GIP, was sold to BlackRock in October 2024. Ogunlesi, known for his expertise in global infrastructure investment, has significantly influenced the development of key sectors like energy, transport, and utilities. His success highlights the growing influence of Nigerian professionals in global finance and infrastructure development.
5. Femi Otedola – $1.5 Billion
Femi Otedola, the chairman of Geregu Power, secured his place in the 12th position on the list with a net worth of $1.5 billion. Otedola made his fortune initially in the commodities sector, later diversifying into energy when he sold his shares in Forte Oil to focus on power generation. Today, Otedola is the majority owner of Geregu Power, one of Nigeria’s leading power companies. With key investors, including the Nigerian government and China’s State Grid Corporation, Otedola’s venture into energy is contributing to the country’s power sector transformation.
6. Tope Awotona – $1.4 Billion
The final Nigerian on the list is Tope Awotona, the founder of Calendly, a highly popular scheduling software startup. Awotona, ranked 14th, has a net worth of $1.4 billion. Calendly, which was valued at $3 billion by private investors in 2021, has revolutionized the way people schedule meetings globally. Awotona’s success represents the growing importance of technology and innovation in wealth creation, and his position as a Nigerian in the tech space underscores the expanding influence of African entrepreneurs in global markets.
The recognition of these six Nigerian billionaires highlights the country’s growing influence in global wealth creation and the significant contributions made by its entrepreneurs to various industries. Nigeria, often seen as a nation rich in natural resources, continues to be home to individuals who have leveraged their business acumen to thrive in various sectors.
According to Forbes, of the 23 Black billionaires in the world, only six are Nigerian, showcasing the country’s unique role in the global economy. These entrepreneurs have demonstrated that despite the challenges that come with operating in the Nigerian business environment, innovative ideas, resilience, and strategic investments can yield substantial success.
Forbes also noted that these Black billionaires have amassed their wealth through a variety of sectors, but finance, energy, and technology remain the dominant fields for many. With Dangote’s focus on oil and gas, Adenuga’s expansion in telecommunications, Rabiu’s ventures in cement and sugar, and Otedola’s involvement in energy, it’s clear that these sectors are integral to not only their personal fortunes but also the economic development of Nigeria and Africa at large.
The inclusion of Tope Awotona, with his technology-based business, is a reminder of the growing importance of digital and tech industries in driving global wealth. As Africa increasingly embraces technology and innovation, it is expected that the next generation of entrepreneurs will continue to pave the way for the continent’s economic prosperity.
