The four businessmen are the only Nigerians to feature on the prestigious lineup, with Dangote leading the continent’s wealthiest individuals.

Dangote, the owner of Dangote Refinery, has seen a significant increase in his net worth, rising from $13.9 billion in 2024 to $23.9 billion, securing his position as Africa’s richest person for the 14th consecutive year. “Aliko Dangote of Nigeria tops the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago,” Forbes stated. “The big jump in his fortune is primarily due to Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays.”

Adenuga, chairman of Globacom, was ranked as the fifth richest African with a net worth of $6.8 billion, while Rabiu of BUA Group followed in sixth place with an estimated $5.1 billion. Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, was listed in joint 16th place with a net worth of $1.5 billion.

Forbes highlighted Otedola’s growing fortune, stating, “Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40% in the past year following a jump in revenue and profits. Two African billionaires who made the list in the past and then fell off are back on again.”

The report further revealed that South Africa led the continent with the highest number of billionaires, boasting seven individuals on the list, followed by Nigeria and Egypt with four each. Morocco had three billionaires, while Algeria, Tanzania, and Zimbabwe each had one.

Forbes described 2025 as a historic year for Africa’s wealthiest individuals, with the cumulative wealth of the continent’s billionaires surpassing $100 billion for the first time. “Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year. It’s no small feat to generate this”…

New Delhi [India], March 29 (ANI): US tariff uncertainties are likely to push gold prices to Rs 87,000- Rs 90,000 in the first half of the calendar year 2025 (January- June), according to a report by ICICI Bank Global Markets.

Currently, the gold prices are at around Rs 83,410 per 10 grams for 22-carat and Rs 90,990 per 10 grams for 24-carat, publicly available data showed.

The report added that the uncertainties arising due to the tariffs will ensure the investment-related demand for gold is in place.

Beginning on April 2, the Trump administration intends to implement reciprocal tariffs on trading partners as part of the “Fair and Reciprocal Plan”.

In India, the local gold prices rose by 4 per cent in the past month, reflecting the global market trend and an appreciation of 2 per cent in rupee terms against the US dollar.

“Going forward, local gold prices are expected to trade with an upside bias in the INR 87,000 per ten grams to Rs 90,000 per ten grams range in 1H2025 and moving to the Rs 94,000 per ten grams to the Rs 96,000 per ten grams range in 2H2025,” the report added.

The report anticipated that the gold prices in the global markets will be in the range of USD 3200 per ounce to USD 3400 per ounce level by December 2025.

Additionally, the US Federal Reserve‘s potential decision to lower interest rates in 2025 and 2026 could make gold more attractive, as lower US yields may support gold demand, the report added.

Central banks may also continue to diversify their reserves by holding more gold, which could keep prices steady for the long term, as per the report.

“Elevated levels of gold prices appear to be weighing on jewellery demand, which worked to pull gold imports to their lowest level in the past 11 months, at USD 2.3bn, reflecting a 14 per cent MoM decline and a 63 per cent YoY decline. Demand should pick up, responding to the festive related seasonal demand that tends to take place,” the report added.

However, gold fund flows into local ETFs still remain fairly robust, as the World Gold Council (WGC) has reported. Gold ETFs recorded inflows to the tune of Rs 19.8bn in February 2025 that were above the average net inflow of Rs 14.8bn recorded in the preceding nine months.

The landing cost of imported premium motor spirit increased to N885 per litre on Wednesday from N797.

The Major Energy Marketers Association of Nigeria disclosed the rise in the landing cost of petrol in its daily energy bulletin released on Wednesday.

This represents 88 increase from the N797 per litre landing cost of petrol last week.

The implication is that the price of imported petrol at Nigerian filling stations may increase to about N1,000 per litre from between N940 and N970.

The current landing cost of petrol is N797 compared to the ex-depot price of Dangote Refinery’s petrol, which stood at N815 per litre. To this end, Dangote Petrol is sold at a retail price in MRS fillings at N860 and N880 per litre in Lagos and Abuja.

Meanwhile, Dangote Refinery’s decision last week Wednesday to halt petroleum products sales in Naira may impact the company’s fresh price template.

Going by the development in the country’s downstream sector, the prices of Dangote Petrol and import fuel are expected to go up in the coming days.

On Tuesday, the Petroleum Products Retail Outlets Owners Association of Nigeria warned Nigerians against panic buying amid petrol price uncertainty.

PETROAN urged the Nigerian government to continue its Naira-for-Crude deal with Dangote Refinery and at the same time ensure fair pricing competition in the country’s downstream sector.

“PETROAN has also noted reports circulating in the media that the temporary suspension of sales in naira by Dangote Refinery is the reason for the panic buying.

“We wish to reassure the public that this is not a justification for panic buying,” it said.

PETROAN further kicked against the sale of petroleum products in dollars in the Nigerian local market.