Dangote Dominates, Rabiu’s Wealth Doubles, Adenuga, Otedola Shine on Forbes 2026 Billionaires List

Emmanuel Addeh in Abuja

Nigeria’s billionaire class has delivered a powerful showing on the 2026 Forbes global rich list, with industrial mogul, Aliko Dangote, maintaining his grip as Africa’s richest man while fellow entrepreneur Abdulsamad Rabiu recorded the most dramatic surge in wealth and Mike Adenuga as well as Femi Otedola, remained on the billionaire leaderboard.

The latest ranking places Dangote 86th among the world’s richest individuals with a net worth of $28.6 billion, reaffirming his status as the continent’s wealthiest person.

The Lagos-based tycoon built his fortune through the Dangote Group, a sprawling industrial conglomerate anchored by Dangote Cement, Africa’s largest cement producer. Dangote controls about 85 per cent of the publicly traded company through a holding structure, Forbes said.

With an annual production capacity of 48.6 million metric tons and operations across several African countries, Dangote Cement has grown into a dominant force in the continent’s construction materials industry.

Dangote’s wealth has expanded significantly over the past year, rising from $23.9 billion in 2025, reflecting continued expansion across his industrial portfolio.

Two major projects now anchor the group’s strategic vision. The Dangote fertiliser plant, which began operations in March 2022, is designed to support Nigeria’s agricultural sector by supplying large volumes of locally produced fertiliser. Meanwhile, the long-awaited Dangote Refinery began refining operations in 2024, marking a historic milestone for Nigeria’s energy sector.

While Dangote retains the continent’s top spot, the most striking shift in Nigeria’s billionaire rankings comes from Abdul Samad Rabiu. Rabiu’s wealth has surged to $11.1 billion from $5.1 billion a year earlier, a jump of roughly 118 per cent, propelling him to 279th on the global ranking and third in Africa.

The BUA Group founder has steadily expanded his industrial empire across cement production, sugar refining and food processing. His controlling interests in BUA Cement and BUA Foods have been central to the rapid rise in his fortune.

Rabiu holds about 98.2 per cent of BUA Cement Plc, which was created after the merger of his Obu Cement company with Cement Company of Northern Nigeria in 2020.

He also owns approximately 95 per cent of BUA Foods, one of Nigeria’s largest food manufacturing firms. Rabiu’s business journey began in 1988 when he launched a trading operation importing iron, steel and chemicals, laying the foundation for what would eventually become one of Nigeria’s largest industrial conglomerates.

Another familiar name on the Forbes list is Mike Adenuga, Nigeria’s telecom and oil magnate.

Adenuga ranks 608th globally with a fortune estimated at $6.5 billion, slightly lower than the $6.8 billion recorded in 2025. Despite the marginal decline, Adenuga remains one of Nigeria’s most influential entrepreneurs.

His telecom company Globacom has grown into the country’s third-largest mobile operator with millions of subscribers.

The company also invested heavily in digital infrastructure, including the Glo-1 submarine cable linking West Africa to Europe through a 6,100-mile fibre optic system stretching to the United Kingdom via Ghana and Portugal.

Adenuga’s energy investments are equally significant. Through Conoil Producing, he operates a number of  oil blocks in the Niger Delta and maintains a  controlling stake in downstream petroleum company Conoil.

Completing Nigeria’s presence on the list is energy investor Femi Otedola, whose net worth is estimated at $1.3 billion. Otedola ranks 2,858th globally and 22nd among Africa’s richest individuals.

He made his first fortune in commodities trading before pivoting into the energy sector. He recently divested from Geregu Power, a major electricity generation company where he retained more than 70 per cent ownership. Otedola previously held over 95 per cent of the company.

Besides, the billionaire businessman also maintains investments in Nigeria’s financial sector through shareholdings FBN Holdings. Beyond business, Otedola owns luxury properties in Lagos, Dubai, London and Monaco and is known for philanthropy, especially in the education sector.