Forbes Names Femi Otedola Africa’s ‘Poorest’ Billionaire

Nigeria’s business world was buzzing this week after Forbes Africa dropped its 2026 billionaire ranking, and one name stirred the most conversation: Femi Otedola. The billionaire industrialist, once among Nigeria’s richest, was tagged as one of the “poorest” billionaires in Africa with an estimated net worth of $1.3 billion.

Yes, you read that right.

According to the latest Forbes list, Otedola’s wealth fell by about $200 million over the past year. The main reason? He sold a majority stake in Geregu Power, his flagship energy company, at a discount to the prevailing market price. The move triggered a reevaluation of his fortune and caused his position on the list to drop.

But here’s where it gets interesting: Otedola isn’t alone. Morocco’s real estate mogul Anas Sefrioui also saw his fortune decline, losing roughly $300 million as shares of his company, Group Addoha, slid more than 30 percent. Both men now share the same net worth, about $1.3 billion, and sit at the bottom of the billionaire list among Africa’s elite.

Still, being the “poorest” billionaire doesn’t mean poor at all. At $1.3 billion, Otedola remains a major player in investment circles and continues to have influence across multiple sectors from oil and gas to real estate and power. His strategic decisions in recent years have shown a willingness to shift focus and investment, even when markets fluctuate.

Forbes’ data also highlights a broader trend: African billionaires have seen mixed fortunes over the past year, with some gaining and others shedding wealth amid market volatility and economic shifts.

So before you hit share on that headline about Africa’s “poorest billionaire,” remember this: it’s all relative. What the list really shows is how dynamic wealth can be, and how even the richest navigate ups and downs in business.

Iwebema Emmanuel

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