Forbes Tags Otedola ‘Africa’s Poorest Billionaire’ in 2026 Rich List, Nigerians React

• Many Nigerians have criticized Forbes after the publication described billionaire businessman Femi Otedola as Africa’s “poorest billionaire” in its 2026 Africa Billionaires List.

Many Nigerians have taken to social media to criticize Forbes after the publication labeled billionaire businessman Femi Otedola as Africa’s “poorest billionaire.”

VerseNews reports that the backlash followed the release of the 2026 Africa Billionaires List, which showed that despite a general rise in wealth among many of the continent’s richest individuals, Otedola and Moroccan real estate mogul Anas Sefrioui were ranked at the bottom of the list with an estimated net worth of $1.3 billion each.

According to the report, Otedola’s wealth reportedly dropped by about $200 million after he sold a significant portion of his stake in Geregu Power, placing him at the lower end of Africa’s billionaire rankings.

Meanwhile, Africa’s richest man, Aliko Dangote, retained the top spot with an estimated net worth of $28.5 billion, representing an increase of about $4.6 billion over the past year.

The growth in Dangote’s fortune was largely driven by the strong performance of Dangote Cement, whose shares surged by nearly 69 percent since March last year. The company also recorded a record profit of one trillion naira in 2025.

Dangote is also reportedly planning to list his oil refinery on the stock market later this year and recently announced a $400 million deal with a Chinese machinery company to accelerate plans to double the refinery’s production capacity by 2029.

Another major gainer on the list is Abdulsamad Rabiu, whose net worth reportedly rose by 120 percent, an increase of $6.1 billion, bringing his total wealth to $11.2 billion.

The chairman of BUA Group is now ranked as the third richest person in Africa, moving up from sixth place last year, behind luxury goods billionaire Johann Rupert, who is worth $16.1 billion.

Rabiu’s rise was largely attributed to the strong performance of BUA Cement, whose shares increased by about 135 percent, outperforming the Nigerian Exchange Group, which itself rose by 81 percent over the same period.

VerseNews reports that South African billionaire Michiel Le Roux, founder of Capitec Bank, also recorded significant gains, with his net worth reaching $3.8 billion as the bank’s shares rose by 57 percent.

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Meanwhile, Egyptian investor Nassef Sawiris, who owns a stake in English Premier League club Aston Villa and about six percent of sportswear giant Adidas, maintained an estimated net worth of $9.6 billion, making him the only African billionaire whose wealth remained unchanged over the past year.

Out of the 23 billionaires listed in the 2026 ranking, only four individuals experienced a decline in wealth compared to the previous year. One of them is Sefrioui, whose fortune reportedly dropped by about $300 million after shares of his company, Group Addoha, fell by more than 30 percent.

As a result, Sefrioui and Otedola now share the position as the lowest-ranked billionaires on the list, each with an estimated net worth of $1.3 billion — a description by Forbes that has sparked strong reactions and criticism from many Nigerians online.

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See reactions below:

kaffydance commented, “Using the word poor against the word billionaire is diabolic.”

montero789 said,  “No such thing as poor billionaire, Forbes be tripping for no reason.”

helmaqueen1 wrote, “we finally have something in common with a big man 😂😂😂😂.”

gabyarow  remarked, “Poor and billionaire doesn’t make sense in the same sentence.”

itzdeprinx  Poor means he’s on the verge of losing his billionaire status. For instance 1 million naira doesn’t make one a millionaire.