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New Richest Men List Put Africa’s Billionaires Fortune @ $144Bn

Ventures Africa, an African business magazine and news service, said it has launched the first of its new annual Africa rich list, touted as the most comprehensive ever compiled.
It revealed the true wealth of Africa’s richest people and many more African billionaires than previously thought.
The list uncovers the fortunes of the 55 African billionaires, of which for many little was previously known about the size of their wealth.
Previously published Africa rich lists have only identified as few as 16 African billionaires.
Key findings from the research include: the combined fortune of Africa’s 55 billionaires is $143.88 billion, with average net worth of $2.6 billion.
The median age of the list is 65 years. The youngest billionaires are Mohammed Dewji of Tanzania and Igho Sanomi, a Nigerian oil trader, who are both 38.
The oldest billionaires are Manu Chandaria, a Kenyan industrialist, and Mohammed Al-Fayed, the Egyptian property tycoon, who are both 84.
Folorunsho Alakija, Africa’s wealthiest woman, is worth $7.3 billion dollars.
The most common industries in which African billionaires have made their money are: construction, financial services, oil and gas, manufacturing and real estate;
The wealthiest African’s are significantly wealthier than previously thought, for example: Aliko Dangote, Africa’s richest person, is now estimated to be worth $20.2 billion, a 68% increase on the most recent estimate of $12 billion
Mike Adenuga, oil and telecoms magnate and Africa’s third richest person, is now estimated to be worth $8 billion a 74% increase on the most recent estimate of $4.6 billion
Nigeria, South Africa and Egypt have the most billionaires with 20, nine and eight respectively. In total ten African countries are represented on the list; there are a large number of African billionaires on the list whose fortunes have never been accurately calculated before including: Strive Masiyiwa (Zimbabwe, $1.46 billion); Abdulsamad Rabiu (Nigeria, $1.4 billion); Aziz Akhannouch (Morocco, $1.39 billion); Jide Omokore (Nigeria, $1.32 billion); and Bode Akindele (Nigeria, $1.19 billion)
Chi-Chi Okonjo, Founder of Ventures Africa, said: “The Ventures Africa Rich List is the most authoritative Africa rich list ever compiled. We have been able to do so because of our on-the-ground experience and detailed knowledge of the local African business landscape, enabling us to negotiate problems that have hampered other African wealth researchers.
“This list is also a tribute to the entrepreneurial heartbeat within Africa. This wealth helps to create jobs and the billionaires on the list are more philanthropic than ever before. We’ve also featured a list of the aspiring millionaires under 40.
These represent the voice of youth and the creation of tomorrow’s jobs. It makes for fascinating reading.”
The Ventures Africa Rich List has also reveals changing attitudes of Africa’s wealthy to philanthropy. Africa’s wealthy are becoming more structured with their philanthropy and choosing to set up foundations that will support their causes well into the future. For example, the foundation of Africa’s richest man, Aliko Dangote, has donated over $100 million in the previous twelve months to causes including: education, health and disaster relief.
Jason Njoku, co-Founder iROKO Partners, and who also features on the Ventures Africa ‘Aspirant African Millionaires Under 40’ list, said: “The new generation of wealthy Africans is looking at both commercial success and what good this success can bring to local communities, countries and Africa as a whole. Responsibility goes hand in hand with growth and with success goes the ability to make a difference.”
The list has been compiled using financial reports, by tracking equity holdings around stock markets and identifying specific shareholding structures in large, privately-held companies. The results have been corroborated with investment bankers, realtors and financial analysts to determine proper values for companies, real estate and other assets, such as art collections, jets, yachts and jewellery.
News
974 Nigerians Face Imminent Deportation from Canada Amid Enforcement Surge

974 Nigerians Face Imminent Deportation from Canada Amid Enforcement Surge – No fewer than 974 Nigerians are currently facing imminent deportation from Canada, according to official data from the Canada Border Services Agency (CBSA).

The affected individuals fall under the country’s “removal-in-progress” category, signifying that deportation proceedings have commenced but remain inconclusive, pending final arrangements such as travel documents. Between January and October 2025 alone, Canadian authorities deported 366 Nigerians, marking a significant uptick from previous years.
Of these, approximately 83 per cent comprised failed refugee claimants, while criminality accounted for about four per cent of cases. Nigeria emerged as the only African country in Canada’s top 10 nationalities for deportations in 2025, securing ninth position, while ranking fifth among those awaiting removal.
This contrasts sharply with 2023 and 2024, when Nigeria was absent from the top 10 deportation list, though figures reflect an eight per cent rise over the 2019 total of 339 removals.
Canada’s aggressive enforcement drive has seen nearly 400 foreign nationals removed weekly, culminating in 18,048 deportations during the 2024-2025 fiscal year at a cost of about $78 million.
The initiative draws support from an additional $30.5 million for removals and $1.3 billion for border enforcement, aimed at bolstering immigration controls amid pressures on housing, employment, and security.
Canada remains a prime destination for Nigerians outside the United Kingdom and United States, with over 71,000 acquiring citizenship between 2005 and 2024, alongside thousands arriving annually as students, workers, and permanent residents.
Under Canadian law, those issued enforceable removal orders must depart voluntarily or face enforced exit. The CBSA’s nationwide inventory lists 29,542 individuals in removal-in-progress as of late 2025, dominated by failed refugee claims at 15,605 cases. Nigeria’s 974 cases place it behind India (6,515), Mexico (4,650), USA (1,704), and China (1,430).
Immigration lawyers caution that passage of Bill C-12 could escalate deportations by imposing permanent bans on certain refugee claims and curbing late filings.
Authorities attribute the push to restoring system integrity, with non-compliance by refugee claimants driving most inadmissibility findings.
News
HURIWA Demands Accountability from SEDC Over N140Bn Budget Utilisation

The Human Rights Writers Association of Nigeria (HURIWA) has challenged the South East Development Commission (SEDC) leadership to provide transparent details on achievements recorded in its inaugural year despite an approved budget of N140 billion for 2025.

SEDC
HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, disclosed that the group’s researchers found no concrete evidence of infrastructure projects executed in the South-East region for the benefit of the Igbo people since the commission’s inception.
Efforts to obtain specifics from Senate Committee Chairman on SEDC, Senator Orji Uzor Kalu, and Governing Board Chairman, Chief Emeka Wogu, yielded vague responses, with Wogu citing a mere “road map” and Kalu claiming no information was available.
The rights group recalled that the National Assembly approved N140 billion for SEDC in the N54.9 trillion 2025 budget passed on February 14, matching allocations for other regional commissions like South-West, South-South, and North-Central, while North-West received N145.61 billion and Niger Delta Development Commission (NDDC) got N626.53 billion.
President Bola Tinubu signed the SEDC Establishment Bill into law on July 24, 2024, with the board inaugurated on February 12, 2025, under Chairman Emeka Wogu and Managing Director Mark Okoye.
Okoye, in his inaugural address, quoted the World Bank estimating a $10 billion annual investment need over 30 years to bridge the region’s infrastructure gap, pledging collaboration with states, private sector, and partners to build a $200 billion economy by 2035.
Priorities outlined include security and investment infrastructure, agriculture, industrialisation, technology, innovation, and human capital development, amid challenges like insecurity, low ease-of-doing-business, unemployment, and 2,500 erosion sites displacing thousands.
HURIWA noted that while the commission’s creation sparked optimism to address post-Civil War neglect, bureaucratic hurdles, political meddling, and funding opacity threaten its potential, aligning with President Tinubu’s Renewed Hope Agenda for inclusivity.
The group described SEDC’s performance as a “spectacular failure,” urging Igbo youths and intellectuals to demand accountability to prevent elite capture of funds meant for roads, housing reconstruction, ecological remediation, agriculture, manufacturing, technology, railways, and energy projects in Abia, Anambra, Ebonyi, Enugu, and Imo states.
Onwubiko warned that pocketing the cash-backed N140 billion would betray the Igbo people’s development aspirations, calling for immediate disclosure of expenditures and verifiable outcomes.
News
InsomniaQ Spotlights African Creativity in Lagos

Quickteller successfully hosted the maiden edition of InsomniaQ recently in Lagos, delivering a 12-hour non-stop celebration of African music, culture, and creativity.

A statement from the firm on Sunday stated that the event attracted a diverse audience of music lovers, culture enthusiasts, and festive diaspora returnees, marking a strong debut for what organisers described as a potential signature December event.
InsomniaQ featured a dynamic mix of live performances and DJ sets, showcasing Africa’s rich musical diversity and creative depth. From soulful sounds to high-energy performances, the festival offered a thoughtfully curated journey designed to follow the natural rhythm of its audience’s circadian cycle, sustaining energy, connection, and excitement throughout the night.
Beyond the performances, InsomniaQ emerged as a platform for shared cultural expression, creating space for celebration, discovery, and community. The experience reinforced Lagos’ position as the heartbeat of Africa’s December entertainment season and highlighted the growing appetite for premium, culturally grounded experiences.
Commenting on the success of the event, the Executive Vice President, Group Marketing and Communications, Interswitch Group, Cherry Eromosele, described InsomniaQ as an organic extension of Quickteller’s place in everyday moments of connection, culture, and celebration.
“InsomniaQ was created as a space to celebrate African creativity in its full expression, the music, the energy, and the people who make our culture so powerful.
“Seeing that vision come to life, with thousands of people connecting through sound, movement, and shared experience, has been truly rewarding. This debut edition reinforces our belief in creating platforms that bring people together and spotlights the richness of African talent in meaningful ways,” Eromosele said.
The success of InsomniaQ, according to the organisers, reflects a broader commitment within the Interswitch ecosystem to support experiences that extend beyond transactions into everyday life. By championing platforms that blend culture, innovation, and community, Interswitch continues to shape how people connect, celebrate, and experience Africa’s evolving creative economy.
With its strong debut, InsomniaQ has set the tone for future editions and established itself as a new fixture in Africa’s December calendar, celebrating culture, driving connection, and creating memorable experiences.
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