Nigeria’s billionaire businessman Femi Otedola has been labelled Africa’s “poorest billionaire” in the latest ranking released by Forbes, a development that has triggered mixed reactions from Nigerians online.
According to the 2026 Africa Billionaires List published by Forbes, the wealth of the continent’s richest individuals recorded a major increase over the past year.
The report showed that the combined wealth of Africa’s 23 billionaires now stands at approximately $126.7 billion, a rise largely attributed to a strong rally in regional stock markets.
Despite the general growth in wealth among the continent’s richest individuals, Otedola and Moroccan businessman Anas Sefrioui were placed at the bottom of the list with an estimated net worth of $1.3 billion each, making them the “poorest” among Africa’s billionaires.
Forbes explained that Otedola’s fortune declined by around $200 million after he sold a significant portion of his shares in Geregu Power Plc at a price below the company’s market value.
The report also highlighted that 14 of the 23 billionaires on the list are self-made, meaning they built their wealth themselves rather than inheriting it.
Another observation from the ranking is the demographic gap among Africa’s richest individuals. The list revealed that there are currently no female billionaires in Africa, while most of the billionaires listed are over 60 years old.
The youngest billionaire on the list is Tanzanian entrepreneur Mohammed Dewji, who is 50 years old.
By country representation, South Africa leads the continent with seven billionaires, followed by Egypt with five. Nigeria has four billionaires on the list, while Morocco has three.
Meanwhile, Nigerian industrialist Aliko Dangote maintained his position as Africa’s richest person with an estimated net worth of $28.5 billion.
His fortune reportedly grew by about $4.6 billion within the past year after shares of Dangote Cement surged by nearly 69 percent.
Following the release of the ranking, many Nigerians took to social media to react, with some making humorous remarks about Otedola’s position on the list.
One user wrote:
“So Otedola is now Africa’s poorest billionaire? No wonder DJ Cuppy sold her car.”
See the post below:
