Business
Dangote, Adenuga, Rabiu, Otedola remain on forbes Africa’s billionaires List
Nigeria’s wealthiest businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, have emerged as the only Nigerians on the 2025 ‘Africa’s Billionaires List’ compiled by Forbes, which was released on Saturday.
Once again, Dangote topped the list for the 14th consecutive year, with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago.
The significant jump in his fortune was primarily due to Forbes factoring in the value of his refinery.
The Dangote Group operates in diverse sectors, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and projects in oil & gas and fertiliser.
On the other hand, Adenuga, who ranked fifth on the list, had $6.8 billion in his portfolio during the period under review, while Rabiu was worth $5.1 billion.
Adenuga runs the Pan-African telecommunications company, Globacom, while Rabiu owns the BUA Group, with interests in cement, sugar, oil, and other sectors.
Nigerian business mogul and philanthropist Otedola emerged as the 16th richest person in Africa on the Forbes list, with his wealth surging by over 30 per cent in the last year.
In the newly released list, Forbes stated that Otedola’s wealth reached $1.5 billion during the period, making him one of the fastest-growing billionaires, second only to Johann Rupert of South Africa, whose fortune grew by 39 per cent.
A prominent Nigerian businessman, Otedola has established and led several companies across various sectors, with many notable enterprises associated with his name.
Checks revealed that some of these include Geregu Power Plc, the first electricity-generating company in Nigeria to be listed on the Nigerian Exchange in October 2022, where he serves as Chairman.
Additionally, he is the Chairman of First Holdco Plc, formerly FBN Holdings Plc, a financial holding company that serves as the parent company for a diversified group of financial services businesses, including commercial banking, merchant banking, capital markets, trusteeship, and insurance brokerage, operating across Africa.
A dedicated philanthropist, Otedola has been a significant supporter of Save the Children, donating billions of naira and earning a Vice President role in recognition of his efforts to improve the lives of children in Nigeria.
Save the Children is an organisation that works to support vulnerable children worldwide.
“Another billionaire whose fortune grew by more than 30 per cent was Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc.
Shares of Geregu surged by approximately 40 per cent in the past year following a rise in revenue and profits,” the Forbes report stated.
The Forbes list tracks the wealth of African billionaires who reside in Africa or have their primary business there.
Net worths were calculated using stock prices and currency exchange rates as of the close of business on 7 March 2025.
Forbes noted that net worth changes were measured from its 2024 African billionaires list, published in January 2024. To value privately held businesses, Forbes starts with estimates of revenues or profits and applies prevailing price-to-sales or price-to-earnings ratios for comparable public companies.
Similarly, the report highlighted that the cumulative wealth of Africa’s billionaires surpassed $100 billion for the first time, as the continent’s 22 billionaires saw their combined fortunes rise to $105 billion, up from $82.4 billion and 20 billionaires last year.
South Africa had the highest number of billionaires this year, with seven, followed by Nigeria and Egypt, with four billionaires each.
The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.
This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.
According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.
This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.
“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.
“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.
“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.
The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.
The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.
With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.
The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.
“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.
“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”
The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.
Business
FG borrows N13.21trn from World Bank in 20 months
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,
Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.
Business
Women make up 15% of 288 new billionaires in 2025
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.
The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
Forbes’ 2025 World’s Billionaires list has welcomed a record 288 new billionaires, pushing the total number of billionaires to 3,028 globally.
This group, which includes entrepreneurs, investors, and heirs, is collectively valued at nearly $680 billion, averaging $2.4 billion per person.
The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
The United States remains the dominant force, contributing the most new billionaires with 103 additions this year.
Among the top names is Marilyn Simons, widow of quantitative hedge fund founder Jim Simons, whose net worth is estimated at $31 billion.
She stands alongside Lyndal Stephens Greth, the daughter of oil magnate Autry Stephens, who holds $25.8 billion following her father’s passing in 2024.Germany ranks second in terms of new entries, with 37 individuals joining the list, including Johannes von Baumbach. At 19 years old, he becomes the youngest new billionaire globally, with a fortune of $5.4 billion.
Along with von Baumbach, 14 other heirs to the Boehringer Ingelheim pharmaceutical empire also made their debut on the list.China and Hong Kong together contributed 32 new billionaires, with jeweller Xu Gaoming being one of the notable additions, valued at $8.2 billion. India saw 17 new billionaires, while Russia accounted for 15.
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.
Of the 288 newcomers, 196 (approximately 70%) built their wealth from the ground up, rather than inheriting it.
The wealthiest self-made newcomer is Saudi Arabian entrepreneur Sulaiman Al Habib, whose fortune stands at $10.9 billion. Al Habib’s success is a notable achievement as Saudi Arabia has seen a resurgence of billionaires on the list for the first time since 2017.
Alexandr Wang, the 28-year-old co-founder and CEO of Scale AI, is the youngest self-made billionaire this year, valued at $2 billion.
(BusinessDay)
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