Otedola Ranked ‘Poorest Billionaire’ On Forbes Africa List
Nigerian billionaire businessman Femi Otedola has been tagged as Africa’s “poorest billionaire” in the latest ranking released by Forbes, sparking reactions from Nigerians on social media.
According to the 2026 Africa Billionaires List, the continent’s wealthiest individuals have grown significantly richer over the past year.
The report revealed that the combined fortune of Africa’s 23 billionaires rose to about $126.7 billion, largely driven by a strong rally in regional equity markets.
Despite the general surge in wealth, Otedola and Moroccan businessman Anas Sefrioui are tied at the bottom of the list with a net worth of $1.3 billion, making them the “poorest” among Africa’s billionaires.
Forbes reported that Otedola’s fortune dropped by roughly $200 million after he sold a large portion of his stake in Geregu Power Plc at a price lower than the company’s market value.
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The report also revealed that 14 of the 23 billionaires on the list are self-made, meaning they built their fortunes themselves rather than inheriting them.
It further highlighted a demographic gap among Africa’s wealthiest, noting that there are currently no female billionaires on the continent, while most of the listed billionaires are above 60 years old.
The youngest among them is Tanzanian businessman Mohammed Dewji, who is 50.
Country-wise, 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 retained his position as Africa’s richest person with an estimated net worth of $28.5 billion. His wealth increased by about $4.6 billion over the past year, after Dangote Cement’s shares surged by nearly 69 per cent.
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Following the release of the ranking, many Nigerians took to social media to react humorously to Otedola’s position. Some joked that the development might explain why his daughter, popular DJ DJ Cuppy, recently sold one of her luxury cars.
