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NIGERIA'S BILLIONAIRE CLASS: HOMEGROWN TITANS REDEFINING WEALTH IN 2025
Forbes Africa
|April - May 2025
IN AN ERA WHERE GLOBAL MARKETS OFTEN DICTATE LOCAL FORTUNES, NIGERIA’S ULTRA-WEALTHY HAVE BUILT EMPIRES ROOTED IN THE COUNTRY’S SOIL, FORGING INDUSTRIES THAT NOT ONLY CREATE WEALTH BUT ALSO PROVIDE CRITICAL HOMEGROWN SOLUTIONS TO THE COUNTRY’S MOST PRESSING CHALLENGES.
Nigeria's billionaires are rewriting the rules of business in Africa.
In an economy battered by currency swings, regulatory shakeups, and infrastructure gaps, Nigeria's billionaire class is not just surviving-they are thriving. The country's wealthiest moguls have seen their collective fortune balloon-one of the largest wealth jumps in Nigeria's modern history.
Unlike previous decades, where fortunes were largely tethered to oil booms and government patronage, today's billionaires have diversified-cementing their influence across industries like energy, power, telecommunications and infrastructure. And yet, they all share one trait: a drive to solve Nigerian problems with Nigerian solutions.
At the top of the list remains Aliko Dangote, Africa's richest man, whose fortune now stands at $23.9 billion. If the past decade saw him dominate cement and sugar, this decade confirms his place in global energy. His $23 billion Dangote Refinery, finally operational after years of delays, has transformed Nigeria's refining capacity overnight, slashing dependence on imported fuel. It's a move not just of business acumen but of nation-building-a direct response to Nigeria's longstanding energy crisis.
Making an emphatic comeback on the Forbes' Africa billionaires' list last year after a seven-year hiatus, Femi Otedola not only reclaimed his billionaire status but asserted himself as a dominant force in power generation.
With a fortune of $1.5 billion, Otedola's transition from oil to electricity through Geregu Power has proven prescient.
Nigeria's push for a privatized power sector has given his investments a renewed edge, and his resurgence signals a broader shift in the country's energy priorities.
Denne historien er fra April - May 2025-utgaven av Forbes Africa.
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