The last 365 days have been very eventful, no doubt. Across the nation’s socioeconomic landscape, there are telltale signs and visible fixtures that speak to the fact that it has been a rollercoaster ride of some sort judging by the rapidity of the assault of events that took place in the course of the year.
From business deals that shot someone’s fortunes skywards to others that went awry to policy initiatives that miscarried and other decisions that positively impacted the economic fundamentals, this year, with the benefit of hindsight, has seen a lot of economic players recording major milestones, building their business empires and ultimately pushing the nation’s economic wheel to lofty heights.
Amongst the highfliers this past year is business mogul, Alhaji Aliko Dangote. Expectedly, the richest man in Africa has continued to prove bookmakers right that he has his own winning ways as far as building economic fortunes in the continent of Africa.
Amongst the highfliers who made much of an impact is business mogul, Alhaji Aliko Dangote. Expectedly, the richest man in Africa has continued to prove bookmakers right that he has his own winning ways as far as building economic fortunes across the continent of Africa.
According to the Bloomberg Billionaires Index, Dangote’s wealth rose by $2.25 billion to $30.3 billion as of October 24, 2025, placing him 75th among the world’s 100 richest people and the only African on the list.
The latest boost in his fortune comes two weeks after Dangote Cement, a key subsidiary of the Dangote Group, officially launched operations at its new 3-million-tonne-per-year cement plant in Attingué, Côte d’Ivoire. Covering 50 hectares, the plant is one of the conglomerate’s largest facilities outside Nigeria.
Back home, Dangote has maintained a strong presence in Nigeria’s oil and gas industry, following the successful launch of his $20 billion, 650,000 barrels-per-day refinery in the Ibeju-Lekki Free Zone, Lagos.
The refinery, inaugurated in May 2023, began producing diesel in January 2024, while petrol production started in September 2024 after delays caused by crude oil supply challenges.
Dangote recently announced plans to list the refinery on the Nigerian Exchange (NGX), selling between 5 and 10 percent of its shares within the next year — a move similar to what he did with Dangote Cement and Dangote Sugar Refinery.
He also disclosed that the Nigerian National Petroleum Company (NNPC) Limited, which currently holds a 7.2 per cent stake, may increase its equity once the refinery’s next expansion phase begins.
In a bold move, the billionaire revealed that the refinery aims to raise output to 1.4 million barrels per day, surpassing the world’s largest refinery in Jamnagar, India, which has a capacity of 1.36 million bpd.
Meanwhile, Dangote’s aggressive expansion into fuel distribution has stirred reactions in the downstream sector. In June, the refinery unveiled plans for a nationwide fuel distribution scheme, supported by the acquisition of 4,000 compressed natural gas (CNG)-powered tankers.
However, the plan has drawn criticism from industry stakeholders. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that the refinery’s forward integration could create a monopoly and lead to massive job losses within the sector.
Of course one investment dear to Dangote, Dangote Refinery which dominated the news amidst price war with traditional oil marketers, including the Nigerian National Petroleum Corporation Limited (NNPCL).
The conflict began when Dangote Refinery slashed the price of petrol, offering it at N739 per litre, significantly lower than the N828 per litre offered by other marketers, and currently selling at N699, a move seen as a threat to the business interests of traditional marketers, who have long dominated the industry.
The battle has also taken a legal turn, with Dangote Refinery suing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over the issuance of import licenses to marketers, which also led to the unceremonial exit of the boss at the NMDPRA, Farouk Ahmed, following accusations by Dangote that the former spent about $5 million on the secondary school education of his four children in Switzerland, an expenditure way above his earnings as a public servant.
Abdul Samad Rabiu
Another major player within the nation’s economic landscape is Abdul Samad Rabiu, the Chairman of the BUA Group, who started 2025 with an estimated net worth of $5.1 billion, and of December 2025 increased to approximately $8.5 billion, meaning his fortune has grown by approximately $3.4 billion over the year, thus placing him as the fourth-richest person in Africa and around the 390th globally, driven by strong performance in his listed companies, BUA Cement Plc and BUA Foods Plc.
The year also saw Rabiu approving $20.7m in cash rewards for 1,768 long-serving employees, reinforcing a strong employee-first culture, thus reinforcing his reputation as one of Africa’s most employee-focused business leaders.
The rewards were announced on December 13, 2025, during the BUA Night of Excellence Long Service Awards held at Eko Hotel and Suites in Victoria Island, Lagos. The annual event recognises commitment and performance across the group’s cement, food and manufacturing businesses.
Under the structure approved by Rabiu, five employees received $691,000 each, while another five were awarded $345,000. Dozens more received sums ranging from $3,450 to $13,810, depending on years of service and role within the company.
Mike Adenuga
Dr. Mike Adenuja Jrn, the chairman of the Pan-African telecommunications company, Globacom, who featured prominently on the Forbes ranked as the fifth richest Africa as 2025, had $6.8 billion in his portfolio during the period under review.
Ranked #592 billionaire in the world today, Adenuga, arguably Nigeria’s second richest person, built his fortune in telecommunications and oil production, made good this year as Conoil, where he owns 74%, demonstrated its strength and strategic clarity in Nigeria’s downstream petroleum industry, announcing a proposed dividend payout of ₦2.428 billion for the 2024 financial year.
The proposed dividend, amounting to 350 kobo per 50 kobo ordinary share, was unveiled at the Company’s 55th Annual General Meeting held on Friday, 19 December 2025, drawing commendation from shareholders amid a persistently challenging economic environment.
The Company recorded a remarkable 60.5 percent growth in revenue, rising from ₦201.4 billion in the previous year to ₦323.1 billion in 2024. Total assets also expanded significantly by 18 percent, increasing from ₦97.5 billion to ₦114.9 billion.
According to the Adenuga, these results were driven by timely strategic decisions, disciplined cost management, and a steadfast focus on operational efficiency. He underscored the importance of the Company’s workforce, noting that Conoil’s progress continues to be powered by the competence, commitment, and innovative capacity of its people. The Company remains deliberate in investing in its human capital, fostering an inclusive workplace that promotes growth, fairness, and professional fulfilment.
Femi Otedola
Just like the past year, billionaire businessman, Femi Otedola played in the top hemisphere in the business ecosystem in the year as he made lots of moves to further grow his economic fortunes. One of such moves described in some quarters as the stuff of mafia was when the oil magnate pulled out a trump card after acquiring shares worth N14.8 in First HoldCo Plc a company where he owns a majority share already.
The acquisition further strengthens his position in one of Nigeria’s largest lenders, giving him a combined 17.56% controlling stake of the group.
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
