The Tinubu Media Support Group (TMSG) has lauded the presence of four Nigerian entrepreneurs on the 2025 Forbes list of Africa’s 22 wealthiest individuals, calling it a clear indication of Nigeria’s growing prosperity.
In a statement issued on Tuesday, Mr. Emeka Nwankpa, Chairman of the group, expressed his enthusiasm about the achievements of Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, whose wealth has been largely homegrown and sustained in the past year. He emphasized that Dangote Refinery played a key role in helping Aliko Dangote maintain his position as Africa’s richest person.
“It is inspiring that four Nigerians are among the Forbes list of Africa’s 22 billionaires, alongside seven South African nationals,” Nwankpa remarked. “Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola are now firmly established as some of the wealthiest individuals on the continent.”
Nwankpa further highlighted that Aliko Dangote has retained his position as the wealthiest person in Africa for the 14th consecutive year, with his net worth increasing from $13.9 billion to $23.9 billion in 2024. This surge, he explained, was largely due to the inclusion of Dangote Refinery’s valuation in Forbes’ calculations.
“This is a clear indication of prosperity in Nigeria,” Nwankpa added, noting that the success of Dangote and other Nigerian billionaires reflects the growing potential in the country’s economy. He pointed out that Abdulsamad Rabiu, ranked sixth on the list with a fortune of $5.1 billion, could see his ranking rise further upon the completion of the BUA Refinery in Uyo. Meanwhile, Mike Adenuga, ranked fifth with a net worth of $6.8 billion, owes much of his wealth to his ownership of Nigeria’s first private indigenous telecom company.
Femi Otedola, who holds the fourth spot on the list with a net worth of $1.5 billion, was also noted for diversifying his business interests, expanding beyond the oil industry into banking and power generation through his Geregu Power Plant.
Nwankpa pointed out that these billionaires have grown their wealth by at least 25% in the first 22 months of President Tinubu's administration, further indicating the thriving business climate in Nigeria. He expressed confidence that more Nigerian entrepreneurs with wealth linked to the stock market would make future editions of Forbes’ Africa billionaires list, thanks to President Tinubu’s pro-business policies.
“This is not coincidental. It is a reflection of the immense opportunities in Nigeria, which are attracting foreign investors, even as opposition critics continue to paint a bleak picture of the national economy,” he concluded.
