Forbes has named Nigerian billionaire business mogul, Femi Otedola, as one of Africa’s poorest billionaires, with a net worth of $1.3 billion, in its latest 2026 Africa Billionaires List.
The magazine also ranked Moroccan businessman Anas Sefrioui at the bottom of the list, making them the “poorest” among Africa’s billionaires despite the overall increase in wealth.
The combined fortune of Africa’s 23 billionaires rose to about $126.7 billion, largely driven by a strong rally in regional equity markets.
According to Forbes, Otedola sold a significant amount of his ownership in Geregu Power PLC for less than the company’s market worth, which caused his fortune to decline by about $200 million.
According to the research, 14 out of the 23 billionaires on the list are self-made, which means they did not inherit their wealth.
The fact that there are currently no female billionaires on the continent and that the majority of the listed billionaires are over 60 years old further brought attention to a demographic divide among Africa’s wealthiest.
Mohammed Dewji, a 50-year-old Tanzanian businessman, is the youngest.
With seven billionaires, South Africa leads the continent, followed by Egypt with five.
Morocco has three billionaires on the list, compared to four from Nigeria.
With an estimated net worth of $28.5 billion, Nigerian businessman Aliko Dangote continued to hold the title of richest person in Africa.
His wealth increased by about $4.6 billion over the past year after shares of Dangote Cement surged by nearly 69 per cent.
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