The Tinubu Media Support Group (TMSG) has described the presence of four Nigerian entrepreneurs on the 2025 Forbes list of Africa’s twenty-two wealthiest individuals as proof of prosperity in the land.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo TMSG noted that it was instructive that Dangote Refinery was instrumental to Aliko Dangote retaining his position as Africa’s richest man.
It said: “Like many Nigerians, we are enthused that four Nigerians whose wealth was largely homegrown and sustained in the last year are on the Forbes list of Africa’s twenty-two billionaires in dollars.
“Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola are all in the 2025 Forbes billionaires list, which also has seven South African nationals among Africa’s wealthiest individuals.
“It is instructive that Dangote retained his position as Africa’s richest person for the 14th year in a row, with his net worth moving from $13.9 billion to $23.9 billion in 2024, as a result of the inclusion of his Dangote Refinery’s valuation in Forbes’ calculations.
“This, for us, is a clear indication of prosperity in Nigeria and there is a strong possibility that by the time Abdulsamad Rabiu, who is sixth on the list with a fortune of $5.1billion, completes his BUA Refinery in Uyo, his ranking will improve on the back of the refinery’s valuation on completion.
“And there is Mike Adenuga, who is ranked fifth in Africa with a net worth of $6.8 billion, mainly as a result of his ownership of Nigeria’s first Indigenous telecoms operator.
“The fourth Nigerian on the Forbes list, Femi Otedola, with a net worth of $1.5 billion, is known to be actively diversifying his business concerns from the downstream sector of the oil industry to banking and power generation through his Geregu Power Plant.
“It is interesting to note that each of these billionaires grew their wealth by at least 25% in the first 22 months of the Tinubu administration.
“This cannot be coincidental and for us, it is an indication of the immense opportunities in the country.
“And it is therefore not surprising that foreign investors are trooping into the country, even at a time that opposition elements are spinning doomsday scenarios on the national economy.”
The group is optimistic that more Nigerian entrepreneurs whose wealth is linked to the stock market will make subsequent Forbes list of Africa’s billionaires in the aftermath of President Tinubu’s pro-business policies.
