The wealth of Africa’s richest individuals took a hit in 2024, with the combined net worth of the continent’s top billionaires declining over the past 364 days. According to data collated by Nairametrics from Forbes estimates, only 10 of Africa’s 20 billionaires recorded significant gains or losses this year, with their collective wealth now standing at $61.4 billion—down from $63 billion at the start of the year.
One notable comeback is Nigeria’s Femi Otedola, whose return to the Forbes Africa list after a seven-year absence highlights a remarkable journey. Related Stories Dangote hails Tinubu on impact of crude for Naira swap deal Dangote Sugar’s debt, FX, and losses: What is the way out? Otedola, who last appeared in 2017 while controlling Forte Oil, strategically transitioned from oil to power generation during Nigeria’s 2013 energy privatization efforts. Through Forte Oil, he acquired Geregu Power, a public power generation plant.
By 2022, Geregu was listed on the Nigerian Exchange’s Main Board. While Otedola’s rise is noteworthy, others faced significant setbacks. Aliko Dangote, Africa’s richest man, saw his wealth drop by $2.
3 billion this year, reflecting Nigeria’s economic struggles and naira devaluation. Dangote, whose holdings include an 85% stake in Dangote Cement, suffered a $651 million loss in a single day in July 2024, driven by market volatility and investor uncertainty surrounding the delayed launch of the Dangote Refinery. Overall, fou.