When Forbes publishes its ranking of Africa’s richest individuals, Nigeria consistently records one of the highest numbers of billionaires on the continent. The list, which tracks wealth using publicly available financial information, shows that several of the largest fortunes in Africa are tied to Nigerian industrialists and investors.

The ranking is led by Aliko Dangote, founder of the Dangote Group. Forbes estimates that his fortune is largely derived from cement production through Dangote Cement, one of Africa’s largest cement manufacturers, as well as fertiliser and petroleum refining projects. Dangote Cement operates production plants across several African countries and remains listed on the Nigerian Exchange Group.

Other Nigerian billionaires tracked by Forbes include Abdul Samad Rabiu, chairman of BUA Group, whose businesses span cement, sugar refining and infrastructure development. Telecommunications and energy investor Mike Adenuga also appears on the list through his ownership of Globacom and oil exploration company Conoil. Businessman Femi Otedola has also been listed based on his investments in energy and finance.

Data published by Forbes show that Nigeria regularly accounts for several of Africa’s dollar billionaires, reflecting the size of the country’s private sector and the dominance of large industrial groups in sectors such as cement production, telecommunications, energy and finance.

How Forbes ranking measures wealth

The methodology used by Forbes focuses primarily on assets that can be verified through public financial records. The publication estimates wealth using shareholdings in listed companies, financial disclosures, exchange rates and valuations of major assets that can be independently assessed.

This approach means that entrepreneurs with large stakes in publicly traded companies are more likely to appear on the list because their ownership levels and company valuations are visible to investors and regulators. For example, Dangote’s wealth is largely linked to his majority shareholding in Dangote Cement, a company listed on the Nigerian stock market.

Also Read: Nigerian women whose work is shaping the world

Similarly, parts of Abdul Samad Rabiu’s wealth are tied to BUA Cement and BUA Foods, both of which are publicly traded on the Nigerian Exchange. Public listings allow analysts to estimate the value of major shareholders by combining share prices with disclosed ownership stakes.

In contrast, privately owned businesses with limited public financial disclosure are more difficult to value using the same methodology.

Southeastern Nigeria’s largely private business networks

The relative absence of well-known southeastern entrepreneurs from the Forbes ranking has often been linked to the structure of business ownership in that region.

Cities such as Onitsha, Aba and Nnewi are widely recognised as major commercial and manufacturing centres in Nigeria. These cities host extensive networks of traders, distributors and industrial manufacturers operating across sectors, including spare parts, consumer goods and transportation equipment.

Nnewi, for example, is home to Innoson Vehicle Manufacturing, founded by Innocent Chukwuma. The company produces buses, cars and trucks assembled in Nigeria and has become one of the country’s best-known indigenous automobile manufacturers.

Despite the scale of commercial activity in many southeastern business hubs, a large number of enterprises remain privately owned and are not listed on stock exchanges. Without publicly available shareholding structures or audited financial disclosures, external analysts cannot easily determine the exact valuation of these companies or the net worth of their founders.

Forbes has previously explained that its billionaire rankings rely on verifiable financial data, meaning that privately held wealth without clear public records is often excluded from the calculations.

Cynthia Nwanonyiri