Personality in Focus
Forbes Confirms Dangote Africa’s Richest Man, as Otedola Returns to Billionaire List
After a six-year hiatus, Nigerian business magnate, Femi Otedola, has returned to the Forbes Africa list of the richest people, landing at No. 20 position with a fortune of $1 billion.
Otedola’s comeback marks a significant milestone. He last graced the Forbes Africa list in 2017 with his controlling stake in fuel distributor – Forte Oil.
However, a strategic shift saw him divest from oil and embrace the energy sector. In 2013, he used a Forte subsidiary to acquire Geregu, a public power generation plant and capitalised on its privatisation.
According to Forbes, Otedola’s 73% stake in Geregu is valued at over $850 million, forming the backbone of his fortune.
“He owned about 90% of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, which include Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China,” Forbes said.
“His 73% stake in Geregu is worth more than $850 million, about three-quarters of his $1.1 billion fortune, which puts him at No. 20 on the list.”
Forbes added that despite Otedola’s rise, the overall wealth of African billionaires dipped slightly compared to last year. This reflects the global economic slowdown, but it’s important to note that African billionaires still fared better than their global counterparts, who saw a 4% decline.
“After taking Otedola’s comeback into account, Africa’s billionaires dipped slightly, but still fared better than the decline of 4% last year, when African markets faded in sync with equity values around the world. This year, African equities joined a late-year global rally, with the S&P All Africa index rising 10% in the final two months of 2023 but still ended down more than 9% in the 12 months through January 8, 2024,”
The magazine stated that “the continent remains one of the world’s toughest places to build – and hold onto – a billion-dollar fortune, as global investors remain leery of its stock exchanges, businesses struggle against strained economies, poor infrastructure and volatile exchange rates while changing political winds can make, boost or bust private fortunes.”
Meanwhile, Nigeria’s Aliko Dangote remains Africa’s richest man, with his fortune rising to $13.9 billion from $400 million, claiming the top spot for the 13th year in a row, despite political uncertainty following the February presidential election and a naira devaluation in 2023 that offset Dangote Cement’s rising share price.
The top three spots are rounded out by South African luxury goods magnate Johann Rupert held onto the No. 2 spot with $10.1 billion, down from $10.7 billion in 2023 as shares of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens – slid. South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3 with $9.4 billion, up $1 billion from 2023.
Interestingly, 13 of the 20 billionaires on the list saw their fortunes increase, while seven saw their net worth decline. The biggest decline on this year’s list belongs to Algerian industrial magnate Issad Rebrab, who was barred by a court in May from exercising any commercial or management duties at his conglomerate, Cevital.
Rebrab, who denied any wrongdoing, had previously served 8 months in jail on corruption charges until his release in January 2020. Rebrab, who shares the wealth with his wife and five children, including his son, Malik, who took over as CEO in 2022, saw his net worth fall by almost half to $2.5 billion.
The biggest gain belongs to Egypt’s Nasseff Sawiris, who added $1.4 billion to $8.7 billion thanks to a rise in Addidas shares (he owns about 6%), as well as dividends from the German sneaker company and family conglomerate OCI.
This year, South Africa claims six spots on the ranking, followed by Egypt with five and Nigeria with four. Algeria, Tanzania and Zimbabwe each have one billionaire on the list, while Morocco has two.
The family of Bolaji Olarewaju, popularly known as Big Bolaji has confirmed the passing of the singer following a brief illness.
According to a statement signed by the Family on Saturday, Bolaji died on Easter Saturday.
The statement said, “It is with profound sadness that we announce the passing of Bolaji Olarewaju, affectionately known as “Big B,” a cherished father, husband, brother, and an esteemed figure in both the church community, an ordained Pastor in the RCCG and a giant in the music industry and our community. Bolaji left us on Easter Saturday, 19th April 2025, after a brief illness.
“His departure leaves a void in our hearts that can not be filled.
“Bolaji’s life was a testament to his passion for music, his unwavering faith, and his dedication to uplifting those around him. His legacy is not only in the melodies he created but in the lives he touched and the unquantifiable joy he spread.
“We take solace in knowing that his absence with us is his presence with the Lord, and the indelible mark he left on all who had the privilege of knowing him will not be erased.
“As we navigate through this time of loss, we kindly request privacy to mourn as a family. We are deeply grateful for the outpouring of love and support we have received and ask that you continue to keep us in your prayers.
“Details regarding the obsequies will be shared in due course as we come together to celebrate Bolaji’s remarkable life and legacy.
“Thank you for respecting our wishes during this incredibly difficult time. With gratitude, The Family of Bolaji Olarewaju.”
Pascal Dozie, a renowned Nigerian entrepreneur and business leader has died. He was 86.
According to sources close to the deceased, Dozie died a battle with old age-related illness.
Dozie, was a man of many parts, best known for founding Diamond Bank and serving as chairman of Pan-Atlantic University.
He was born on April 9, 1939, in Egbu, Owerri, Imo State, Nigeria. Dozie’s educational background includes a degree in Economics from the London School of Economics and a master’s in Administrative Science from City University in London.
Dozie also founded theAfrican Development Consulting Group, which worked with notable clients like Nestle and Pfizer. He served as MTN Group chairman but later resigned and was succeeded by Ernest Ndukwe.
Dozie received the prestigious National Award of the Order of the Niger (OON) for his contributions to Nigeria’s banking industry.
Dozie is survived by his wife Chinyere Dozie, and five children among other relatives.
A former governor of Oyo State, Dr. Victor Olunloyo, is dead.
According to a statement by his family on Sunday, he died a few days before his 90th birthday.
The statement titled ‘Victor Olunloyo goes home’ was signed by Oladapo Ogunwusi on behalf of the family.
It read, “With a heavy heart but gratitude to the Almighty, we announce the passing into glory of Dr. Victor Omololu Olunloyo, former governor of Oyo State, mathematician and engineer and renowned technocrat, a few days before his 90th birthday.
“The Balogun of Oyo and Otun Bobasewa of Ife, Dr. Olunloyo was first Rector, Ibadan polytechnic and first Rector, Kwara State Polytechnic among other notable appointments.
“His long record of service to the nation and humanity is a source of pride to his family and associates even as we come to grip with this devastating event.
“The Olunloyo family will appreciate the understanding of the press and the public as they commence efforts to give him a befitting burial.
“Even from everlasting to everlasting, He is God.”
About a year ago in April 2024, the rumour of the death of the elder statesman was reported by some news platforms.
But speaking with The PUNCH correspondent who visited his Molete residence in Ibadan, the state capital, he debunked the rumour, saying he was hale and hearty.
“I’m still here, not yet gone,” he declared then.
He also expressed worry over the rumour and asked who would live forever, stressing, “Those breaking death news and the person presumed dead will all die one day.
“I’ve been lucky. My father died at 42, while my mother died at 102. I’m 89. I’ve crossed the expected life age.”
The elder statesman also illustrated how the rumour of his death hit several news platforms on June 7, 2022.
He noted that the rumour mongers claimed that he died at the University College Hospital, Ibadan.
A few days later, the family issued a statement, declaring that he was not dead but suffering from old age ailment and asked Nigerians to pray for him to survive the health complications.
