Forbes 2025: Nigerian Billionaires and the Surprising Newcomers

By Esther Ososanya

When Forbes released its 2025 roster of the world’s Black billionaires, Nigeria once again led Africa, but the story went deeper than the familiar names.

Behind the expected heavyweight figures were several surprising entrants from tech, biotech, and hospitality whose rise defied predictions and broadened the narrative of Black wealth.

Here are the Nigerian names most readers took for granted – familiar faces whose inclusion raised no eyebrows:

• Aliko Dangote – $23.9 billion – approximately ₦35.9 trillion
  Africa’s richest man and cement-to-refinery magnate remains king, especially after his massive refinery began production in early 2024.
• Mike Adenuga – $6.8 billion – approximately ₦10.2 trillion
  Founder of Globacom and Conoil, Adenuga’s fortune from telecoms and oil has kept him firmly on the list.
• Abdulsamad Rabiu – $5.1 billion – approximately ₦7.65 trillion
  The cement, sugar, and real estate leader of BUA Group continues to command attention in Africa’s manufacturing space.
• Adebayo Ogunlesi – $2.2 billion – approximately ₦3.3 trillion
  The deal-making financier behind Global Infrastructure Partners (GIP) remains visible; Forbes noted his role in its sale to BlackRock in late 2024.
• Femi Otedola – $1.5 billion – approximately ₦2.25 trillion
  After scaling back from commodities, Otedola’s move into power generation restored his billionaire status.
• Tope Awotona – $1.4 billion – approximately ₦2.1 trillion
  The Calendly founder brought Nigerian tech talent to the global billionaire stage.

Nigeria’s Less-Expected Billionaires: Quiet But Mighty

Amid these anticipated names, a few less obvious figures broke through and surprised:

• Folorunsho Alakija – Approx. $1.1 billion, ₦1.65 trillion in Nigeria Naira
  Africa’s richest woman made a quiet return, buoyed by fashion and oil, not the spotlighted sectors many associated solely with her.
• Sheila Johnson – $1 billion, ₦1.50 trillion in Nigeria Naira
  As co-founder of BET, Johnson’s entry as America’s first Black female billionaire and now hospitality and sports investor turned heads.
• Herriot Tabuteau – $1.1 billion, ₦1.65 trillion in Nigeria Naira
  Haitian-born biotech entrepreneur who gained billionaire status via his stake in Axsome Therapeutics, bringing medical innovation into the mix.

Africa’s Quiet Pillars and the Diaspora’s New Faces

Across the continent and beyond, others made the list who were less talked about:

• • Strive Masiyiwa (Zimbabwe) – $1.2–1.8 billion
    → ≈ ₦1.8 – ₦2.7 trillion
    Telecom entrepreneur’s resurgence from digital and philanthropic ventures.

  • Mo Ibrahim (Sudan/UK) – $1.3–1.4 billion
    → ≈ ₦1.95 – ₦2.1 trillion
    Governance advocate and Celtel founder, revived portfolio valuations.

  • Michael Lee-Chin (Jamaica/Canada) – $1.1 billion
    → ≈ ₦1.65 trillion
    His stake in Jamaica’s NCB Bank secured billionaire status in diaspora finance.

U.S. Power Players: Expected Names That Underpin Influence and Investment

Even the U.S. list contained both celebrated and unexpected names:

• • David Steward – $11.4 billion → ≈ ₦17.1 trillion (World Wide Technology)

  • Robert F. Smith – $10.8 billion → ≈ ₦16.2 trillion (Vista Equity)

  • Alexander Karp – $8.4 billion → ≈ ₦12.6 trillion (Palantir)

  • Oprah Winfrey – $3 billion → ≈ ₦4.5 trillion (Media)

  • Jay-Z – $2.5 billion → ≈ ₦3.75 trillion (Music, Fashion)

  • Rihanna – $1.4 billion → ≈ ₦2.1 trillion (Fenty brands)

  • Tiger Woods – $1.4 billion → ≈ ₦2.1 trillion (Endorsements)

  • Michael Jordan – $3.5 billion → ≈ ₦5.25 trillion (Brand equity, Hornets sale)

  • LeBron James – $1.3 billion → ≈ ₦1.95 trillion (Investments)

  • Magic Johnson – $1.5 billion → ≈ ₦2.25 trillion (Franchises, Life Insurance)

  • Tyler Perry – $1.4 billion → ≈ ₦2.1 trillion (Film studio)

What makes the 2025 list so compelling isn’t just the presence of Nigeria’s expected billionaires but the emergence of figures from hospitality, biotech, and software as global Black billionaires. As expressed by Oddie Lawrence via x

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“These names remind us that wealth is no longer just about oil or cement; it’s about innovation, diversification, and stealth ambition.”

Full Rundown: The 23 Black Billionaires of 2025 (with Naira conversion)

The “Expected Billionaires” Who Didn’t Make the Cut

While Forbes’ list of 23 Black billionaires is definitive, many Nigerians were surprised to see some familiar names missing. These are personalities often perceived as dollar billionaires due to their visibility, lifestyle, or media coverage:

Business Tycoons Often Mistaken for Forbes Billionaires

• Tony Elumelu – Chairman of Heirs Holdings and UBA. Influential in banking and entrepreneurship, but under the USD billionaire mark.
• Oba Otudeko – Founder of Honeywell Group. Prominent in business, yet not listed.
• Jim Ovia – Zenith Bank founder. Hugely wealthy locally but below Forbes’ threshold.
• Arthur Eze – An oil magnate popularly described as “worth billions” in Nigeria but absent from Forbes.
• Orji Uzor Kalu – Businessman and politician, speculated about wealth but not globally recognised.
• T.Y. Danjuma – Retired general and business mogul, still below billionaire status in USD.
• Emeka Offor – Oil and power businessman, often rumoured but not ranked.

Music Superstars Nigerians Expected

• Davido – With his global tours, endorsements, and wealthy background, many fans assume he’s a billionaire in dollars.
• Wizkid – The Afrobeats superstar commands massive global audiences and luxury brand deals but is still far from billionaire status.
• Burna Boy – Grammy winner and international star, often flaunting wealth, but his fortune remains in the multimillion-dollar range.
• PSquare (Peter & Paul Okoye) – Once dominating Africa’s music scene, the twin brothers are often rumoured to be “billionaires” but don’t make Forbes’ cut.
• Olamide – Rapper, label owner, and street legend, with a loyal fan base who perceive him as “billionaire-level”.

The release of the list also sparked conversations across social media platforms.

Millionaire businessman, reacting via his X handle, wrote: “This is so rigged and unfair to my Igbo brothers. In Onitsha alone, if you put 10 businessmen together, they are richer than all these people combined. But nobody will tell you because Igbo rich men are humble.”

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For another user, WFG, the compilation was a celebration of diversity: “Black excellence, well spread out too. Construction, software, communications, beauty, sports, entertainment, energy, private equity. Great representation.”

Jade shared her admiration for the entrepreneurial depth reflected in the list: “This is a fascinating read, and I’m very impressed that only a handful of musicians or athletes made it. The rest became billionaires off their intelligence and entrepreneurial endeavours. We don’t have to be dribbling a ball or rapping to make it.”

But Young Highness raised a different kind of concern, questioning the broader impact of billionaire wealth: “Have they helped any inner cities? If so, what did they do to help, and has there been any improvement? It should be highlighted and praised if they helped in any way. Every billionaire started with a dream. These 23 just remind us to dream bigger.”

For Chiyo, the news was both inspiring and sobering: “It’s inspiring, but also a reminder of how much more equity is needed across the board. Representation at the top matters, but the bigger mission is lifting millions more into opportunity.”

Esther OSOSANYA

Website |  + postsBio ⮌

Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.

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