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 Chairman and Chief Executive Officer of Adron Group, Aare Adetola Emmanuelking, KOF, has commended the Oyo State Government for its bold reforms in the real estate sector, describing the state as a land of “history, enterprise, and endless possibilities.”
Aare Adetola remarked while delivering a goodwill message titled “The Real Estate Called Oyo State” at the 2025 Oyo State Real Estate Conference, held in Ibadan.
The event, themed “Real Estate and Economic Development in Oyo State: Strategies for Success,” brought together top real estate developers, government officials, and investors to discuss strategies for improving housing delivery and driving economic growth in the state.
Organised by the Office of the Special Adviser to the Governor on Housing and Urban Development in collaboration with the Real Estate Developers Association of Nigeria (REDAN), the conference highlighted the need for policy stability, public-private partnerships, and innovation in real estate development.
In his address, the Speaker of the Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin, reaffirmed the government’s commitment to transparency and investor confidence through the digitalisation of land records (OYOGIS), improved urban planning, and major infrastructure upgrades across the state.
He also cited the passage of the Oyo State Land Control and Administration Bill, 2023, and the establishment of the Anti-Land Grabbing Task Force as key reforms curbing land disputes and promoting sustainable property ownership. Ogundoyin praised major developers such as Adron Homes and MKH Properties for their role in boosting investor trust in the Oyo property market.
In his goodwill message, Aare Adetola Emmanuelking applauded the administration of Governor Seyi Makinde, FNSE, for maintaining consistency in land policies and governance structures, which he said had continued to attract serious investors to Oyo State.
He recalled that Adron Homes made its foray into Ibadan nearly a decade ago based on the state’s stable policy environment, a decision that has since yielded impressive results. He, however, urged the state government and future administrations to ensure policy continuity, warning that inconsistency could derail the progress already achieved.
The conference ended with a collective resolve by stakeholders to deepen collaboration between the public and private sectors, strengthen regulatory transparency, and create a business environment that will make Oyo State a model for real estate investment in Nigeria.
The Lagos State Police Command, under the leadership of the Commissioner of Police, CP Olohundare Jimoh, has extended its heartfelt congratulations to Dr. Ayo Ogunsan on his well-deserved appointment as the Executive Secretary of the Lagos State Security Trust Fund (LSSTF).
In a statement signed by the Command’s Public Relations Officer, SP Abimbola Adebisi, and made available to the National Association of Online Security News Publishers (NAOSNP), the command noted that “Dr. Ogunsan’s appointment is a clear testimony to the unwavering trust and confidence that the Governor of Lagos State, Mr. Babajide Sanwo-Olu, has in him.”
Reminiscing Ogunsan’s trajectory in the world of administration and security, the statement stressed that “Over the years, Dr. Ogunsan has demonstrated exceptional selflessness and commitment to strengthening the security architecture of Lagos State.”
The Command further noted as follows:
“The Commissioner of Police is confident that Dr. Ogunsan, as a distinguished member of the LSSTF Board, will assume this new role with deep institutional knowledge, proven integrity, and unwavering dedication, coupled with a strategic understanding of the security needs of Lagos State. The Command has no doubt that he will deliver on his mandate successfully.
“Dr. Ogunsan’s continued valuable contributions to the LSSTF and his longstanding partnership with security agencies across the State have positioned him exceptionally well to steer the Fund towards greater operational efficiency, an outcome that will undoubtedly enhance public safety and security throughout Lagos State.
“The Lagos State Police Command once again warmly welcomes his appointment with deep optimism and hereby assures the new Executive Secretary of its unwavering partnership and cooperation. The Command is proud of him and immensely happy to be associated with him.
“The Lagos State Police Command looks forward to further strengthening the existing synergy, support, and operational collaboration with Dr. Ayo Ogunsan and the LSSTF team in ensuring the continued safety and protection of all residents and visitors in Lagos State.”
Prior to his appointment, Ogunsan was a Board Member of the Trust Fund.
The Chief of Army Staff (COAS), Lt. General Waidi Shaibu, has approved the appointment of some senior officers to top strategic command and positions, aimed to strengthen command structures and reposition the Nigerian Army for heightened operational effectiveness.
According to a statement by Army’s spokesperson, Lt.-Col. Apollonian Anele, on Thursday, the appointment cut across key command, staff and instructional positions across formations, units and training institutions of the Army.
Among the new appointees are: Major General Bamidele Alabi, who has been redeployed to Army Headquarters Department of Policy and Plans and appointed Chief of Policy and Plans (Army); Major General Jamal Abdulsalam, formerly Chief of Special Services and Programmes at Army Headquarters proceeds to Defence Headquarters Department of Operations as Chief of Defence Operations while Major General Peter Mala moves from Office of the National Security Adviser to Headquarters Training and Doctrine Command Nigerian Army (TRADOC) as Commander.
Major General Samson Jiya, from Nigerian Army Heritage and Future Centre (NAHFC) moves to Defence Headquarters Department of Defence Accounts and Budget as Chief of Defence Accounts and Budget.
Other strategic appointments include, Major General Mayirenso Saraso from NAHFC to Army Headquarters Department of Operations as Chief of Operations (Army); Major General Isa Abdullahi from Defence Headquarters to Army Headquarters Department of Administration as Chief of Administration (Army); Major General Musa Etsu-Ndagi from Army Headquarters to Department of Training to Army Headquarters Department of Civil-Military Affairs as Chief of Civil-Military Affairs. Major General Abubakar Haruna from NAHFC to Nigerian Army Training Centre (NATRAC) Kontagora as Commander and Major General Philip Ilodibia from Army Headquarters Department of Policy and Plans to Defence Space Administration as Chief of Defence Space Administration.
Others are: Major General Godwin Mutkut, from Multi-National Joint Task Force (MNJTF) N’Djamena to Headquarters Infantry Corps Centre as Corps Commander Infantry, Major General Umar Abubakar from the Ministry of Defence to Headquarters Nigerian Army Armour Corps as Commander Armour Corps, Major General John Adeyemo moves from Nigerian Army School of Artillery (NASA) to Headquarters Nigerian Army Corps of Artillery as Corps Commander Artillery and Major General Mohammed Abdullahi from Nigerian Army Cyberwarfare Command to Headquarters Nigerian Army Signals as Corps Commander Signals.
Also, Major General Taofik Sidick has been redeployed from the NAHFC to Headquarters Nigerian Army Finance Corps as Chief of Accounts and Budget (Army), Major General Abdullahi Ibrahim from NAHFC to Headquarters Nigerian Army Ordnance Corps as Corps Commander Ordnance, Major General Adeyinka Adereti from Defence Headquarters to Headquarters Nigerian Army Electrical and Mechanical Engineers as Corps Commander, Major General Nansak Shagaya from Army Headquarters Department of Operations to Headquarters Nigerian Army Corps of Supply and Transport as Corps Commander Supply and Transport while Brigadier General Yusha’u Ahmed has been appointed acting Corps Commander Education.
The COAS also approved the appointment of Major General Oluyemi Olatoye, from Headquarters 82 Division/ Joint Task Force South East Operation UDO KA to the Nigerian Defence Academy (NDA), Kaduna and appointed Commandant, Major General Emmanuel Mustapha from Defence Space Administration to Nigerian Army Signal School as Commandant, Major General Adamu Hassan from Nigerian Defence Section, Riyadh, to Nigerian Army School of Artillery as Commandant and Brigadier General John Bulus from Headquarters Nigerian Army Finance Corps to Nigerian Army School of Finance and Accounts as Commandant.
According to the statement, the senior officers appointed as field commanders includes, Major General Saidu Audu from Army Headquarters Department of Training to Multi-National Joint Task Force (MNJTF), N’Djamena, as Force Commander, Major General Warrah Idris from Defence Headquarters to Joint Task Force North West Operation FANSAN YAMMA as Commander and Major General Oluremi Fadairo from Army Headquarters Department of Civil Military Affairs to 82 Division Nigerian Army, Enugu as General Officer Commanding and Commander Joint Task Force South East Operation UDO KA.
Other appointees are Major General Olatokumbo Bello as the Director Defence Media Operations at Defence Headquarters while Brigadier General Samaila Uba was redeployed from the Armed Forces Command and Staff College Jaji to Defence Headquarters as Director Defence Information.
The CIAS charged the new appointees to bring to bear their wealth of operational experience, administrative acumen and strategic foresight in driving a disciplined and combat-ready Army to decisively confront the contemporary and emerging security challenges.
He urged them to sustain the current operational momentum, strengthen interagency collaboration and remain unwavering in upholding the Nigerian Army’s core ethos of loyalty, selfless service, integrity and excellence.
