Nigeria’s wealthiest entrepreneurs have once again secured strong positions on the 2026 global billionaire rankings released by Forbes, with industrialist Aliko Dangote maintaining his status as Africa’s richest individual while Abdul Samad Rabiu recorded the biggest surge in wealth among Nigerian billionaires.
According to the latest rankings, Dangote is placed 86th among the world’s richest people with an estimated net worth of $28.6 billion, further strengthening his position as the wealthiest person on the African continent.
The Nigerian business magnate built his fortune through the Dangote Group, a major industrial conglomerate with operations across Africa. A cornerstone of the empire is Dangote Cement, widely regarded as Africa’s largest cement producer. Dangote holds about 85 percent of the publicly traded company through a holding structure.
With an annual production capacity of 48.6 million metric tons and plants operating in multiple African countries, Dangote Cement continues to dominate the region’s construction materials market.
Dangote’s wealth has grown significantly over the past year, rising from $23.9 billion in 2025. The increase reflects expansion across several strategic investments, including the Dangote Fertilizer Plant, which began operations in March 2022 to support Nigeria’s agricultural sector, and the Dangote Refinery, which started refining petroleum products in 2024 and represents one of the largest industrial projects in Africa.
While Dangote retains the continent’s top position, the most notable growth among Nigeria’s billionaires came from Rabiu, the founder of BUA Group.
Rabiu’s net worth surged to $11.1 billion from $5.1 billion a year earlier—an increase of about 118 percent—placing him 279th globally and third among Africa’s richest individuals.
The rapid rise in his fortune is largely tied to his controlling stakes in BUA Cement and BUA Foods, two of Nigeria’s largest industrial and food manufacturing companies.
Rabiu owns roughly 98.2 percent of BUA Cement Plc, formed after the merger of his Obu Cement company with the Cement Company of Northern Nigeria in 2020. He also holds about 95 percent of BUA Foods, which produces sugar, flour, pasta and other consumer staples.
His entrepreneurial journey began in 1988 when he started a trading business importing iron, steel and chemicals, laying the foundation for what has become one of Nigeria’s largest industrial conglomerates.
Another prominent Nigerian on the list is telecom and oil magnate Mike Adenuga, who ranked 608th globally with an estimated net worth of $6.5 billion, slightly below his $6.8 billion valuation in 2025.
Adenuga built much of his wealth through Globacom, Nigeria’s third-largest mobile telecommunications operator with millions of subscribers across the country. The company also invested in digital infrastructure, including the Glo‑1 Submarine Cable, a 6,100-mile fibre-optic system connecting West Africa to Europe via Ghana and Portugal and extending to the United Kingdom.
Beyond telecommunications, Adenuga also operates in the oil and gas sector through Conoil Producing and maintains a controlling stake in downstream petroleum firm Conoil Plc.
Completing Nigeria’s representation on the billionaire ranking is energy investor Femi Otedola, whose net worth is estimated at $1.3 billion. Otedola ranks 2,858th globally and 22nd among Africa’s wealthiest individuals.
Otedola initially made his fortune in commodities trading before expanding into the energy sector. He has been closely associated with Geregu Power Plc, one of Nigeria’s major electricity generation companies, where he previously held more than 95 percent ownership before partially divesting while retaining a significant stake.
He also maintains investments in Nigeria’s banking sector through shareholdings in FBN Holdings Plc.
Beyond business, Otedola is known for his philanthropic initiatives, particularly in education, and owns luxury properties in Lagos, Dubai, London and Monaco.
Together, the presence of these four entrepreneurs on the 2026 Forbes billionaire ranking highlights Nigeria’s continued influence in Africa’s business landscape, with industrial, telecommunications and energy investments driving much of the country’s billionaire wealth.
