Forbes has listed Nigerian businessman Femi Otedola as Africa's "poorest billionaire" in its annual 2026 ranking of the continent's wealthiest individuals, after his fortune declined compared with the previous year.
According to the report, the combined wealth of Africa's richest people rose significantly, with billionaires collectively adding around $20.3 billion to their fortunes. The total wealth of 23 African billionaires reached approximately $126.7 billion, a 21% increase compared with 2025.
Nigerian businessman Aliko Dangote retained his position as Africa's richest person for the 15th consecutive year, with a fortune estimated at $28.5 billion — an increase of $4.6 billion during the current year, supported by a roughly 69% rise in shares of his Nigeria Stock Exchange-listed cement company since last March, according to Forbes.
Nigerian businessman Abdulsamad Rabiu recorded the largest percentage increase in wealth among billionaires, with his fortune rising 120%, equivalent to $6.1 billion, to reach $11.2 billion, propelling him to third place on the continent.
The report attributed this surge to a sharp jump in shares of BUA Cement, which rose 135%, outperforming the Nigerian Stock Exchange's overall growth of approximately 81%, driven by improved earnings at listed companies and increased pension fund investment in equities.
The Forbes ranking noted that Nigeria is home to 4 of the 23 billionaires on the list: Aliko Dangote, Abdulsamad Rabiu, telecoms mogul Mike Adenuga, and businessman Femi Otedola.
By contrast, the report noted that only 4 billionaires saw their wealth decline during the current year, among them Femi Otedola and Moroccan billionaire Anas Sefrioui, each with a fortune estimated at $1.3 billion, making them the least wealthy individuals in Africa.
Forbes added that Otedola lost approximately $200 million from his fortune after selling a large portion of his stake in Geregu Power (an electricity generation company) at below its market value.
Otedola is one of Nigeria's most prominent businessmen. He began his career in the oil and energy sector, achieving major success through the founding of Forte Oil (an oil and energy company), which owned more than 500 fuel stations across the country, in addition to extensive real estate investments encompassing 184 residential units.
However, his career suffered a major collapse in 2008, when he accumulated debts reaching $1.2 billion as a result of a combination of economic factors, most notably:
- A global collapse in oil prices
- A decline in the value of the Nigerian naira
- A stock market crash
According to Forbes, this crisis resulted in losses broken down as follows:
- $480 million due to falling diesel prices
- $258 million due to the depreciation of the naira
- $320 million due to accumulated interest
- $160 million due to the stock market collapse
The report quoted Otedola as saying that he faced two choices at the time: