Aliko Dangote has once again been named Africa’s richest man, according to the latest Forbes Africa Billionaires ranking, released in 2026.
Dangote, the Nigerian industrialist, whose fortune is anchored on cement production, saw his wealth rise by $4.6 billion over the past year to reach an estimated $28.5 billion.
The surge was largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited (NGX).
Telecommunications tycoon Mike Adenuga also retained his place among the continent’s wealthiest.
The founder of Globacom and chairman of Conoil Producing continues to wield influence across telecoms, oil and gas, and banking, cementing his reputation as one of Nigeria’s most diversified entrepreneurs.
Femi Otedola, chairman of Geregu Power Plc, remained on the list despite a slight decline in his fortune.
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Forbes estimates that Otedola lost about $200 million following the sale of a majority stake in the power generation company at a discount to its market value.
Meanwhile, Abdulsamad Rabiu recorded a sharp increase in his net worth, buoyed by the performance of BUA Cement.
Shares in the company rose 135 per cent over the past year, outpacing the broader rally on the Nigerian stock market.
Across Africa, fortunes swelled as equity markets strengthened, corporate profits hit record highs, and currency stability improved in several economies.
The continent’s 23 billionaires are now collectively worth $126.7 billion, a 21% increase from 2025 after adding $20.3 billion to their combined wealth.
South Africa leads the ranking with seven billionaires, followed by Egypt with five, Nigeria with four, and Morocco with three. Notably, no female billionaires featured in the 2026 list.