Category Finance and Business

RYNI News | Omotayo Stephen . O
7 September 2025

The past week saw Nigeria’s social media space ablaze with claims that the Federal Government had slammed a fresh 5% surcharge on fuel, sending ripples of anxiety through homes and markets alike. In a nation where the cost of living already bites deep, the prospect of another hike at the pumps was enough to stir outrage.

But as panic spread, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, stepped forward on Saturday to offer clarity. In a detailed explanation posted on his official X handle, he insisted the alarm was more fiction than fact.

Is it true that Tinubu’s administration introduced a 5% surcharge on fuel?

Not quite. According to Oyedele, the provision is not new. It dates back to the Federal Roads Maintenance Agency (Amendment) Act of 2007, which already established the framework for a road maintenance levy. What the new Nigeria Tax Act, 2025 does is simply restate the surcharge for harmonisation and transparency.

“This was not part of the original tax reform bills President Tinubu submitted to the National Assembly,” Oyedele clarified. “It is not a fresh imposition.”

Does this mean the surcharge will commence in January 2026 when the new tax laws take effect?

No. The surcharge will not take effect automatically once the new laws are operational. Instead, its activation requires an explicit order from the Minister of Finance, published in the official gazette.

This safeguard, Oyedele explained, is designed to ensure that timing and economic conditions are carefully weighed before any rollout. In short, Nigerians will not see an automatic hike in January 2026.

Will the surcharge apply to all fuel products?

Not all fuels are covered. The law carves out essential household energy sources like kerosene, cooking gas (LPG), compressed natural gas (CNG), and clean renewables. These exemptions, Oyedele said, align with Nigeria’s broader energy transition agenda and the need to shield families from additional hardship.

Why not abolish the charge, given the current hardship and the risk of higher inflation?

Oyedele argued that the surcharge is not merely a revenue tool but a dedicated lifeline for roads. Nigeria’s highways are riddled with potholes, accidents, and delays that erode productivity and inflate costs.

If implemented effectively, the levy would guarantee predictable funding for road construction and maintenance, cutting travel times, reducing logistics costs, and even lowering long-term vehicle repair expenses.

“This is standard practice,” Oyedele noted, pointing out that over 150 countries impose fuel-related levies, many ranging between 20% and 80%. Nigeria’s 5% stands modest in comparison.

Why can’t savings from fuel subsidy removal be used instead?

While subsidy removal freed up funds, Oyedele stressed that the amounts are insufficient to meet the country’s massive infrastructure needs. Nigeria’s road deficit demands a dedicated and reliable stream beyond the national budget.

“A surcharge ensures roads are not left at the mercy of competing fiscal demands,” he explained.

Isn’t this at odds with the reform objective of reducing taxes and easing the burden on citizens?

Oyedele disagreed. He highlighted that the reforms had already cut or suspended multiple levies, including VAT on fuel, excise on telecoms, and the cybersecurity levy.

By consolidating taxes into a single framework, duplication is reduced and administration becomes more efficient. In essence, the surcharge’s inclusion is less about new pain for citizens and more about tidying the system for future use.

Why not just amend the FERMA Act to remove the surcharge?

According to Oyedele, this is precisely what has been done — the FERMA provision has been transferred into the new harmonised tax laws. The move, he explained, is forward-looking, ensuring Nigeria has a ready framework for sustainable road financing and climate resilience when the time is right.

The bigger picture

For now, Nigerians can rest easier: there will be no immediate 5% hike at filling stations. But the provision remains on the books, waiting for the right moment.

Oyedele’s explanation underscores a larger challenge — bridging the trust gap between citizens and government policy. Until Nigerians see transparency matched by delivery, even old laws will continue to feel like new burdens.

In the meantime, the surcharge saga is a reminder that in tax policy, as in public trust, clarity is sometimes as valuable as cash.

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RYNI News | Omotayo Stephen . O
6 September 2025

History is set to be made this November as 50 Nigerian-Americans return to Lagos in a groundbreaking initiative aimed at transforming nostalgia into nation-building. Under the banner Diaspora Returns, the homecoming project was unveiled on 2nd September 2025 at the prestigious Eko Hotel and Suites, Victoria Island, sparking excitement across business, culture, and tourism circles.

But this is no ordinary visit. Unlike previous symbolic returns, this movement is rooted in a clear mission—investment, collaboration, and growth. The organisers, led by Strategic Solutions Global in partnership with Waterlight Save Initiative, East Point Atlanta Convention and Visitors Tourism Bureau, Palton Morgan Holdings, and Eko Hotel, want to make one point clear: the Nigerian diaspora is ready to do more than send money home. They are ready to build.

Nancy Aragbaye, Chief Executive of Strategic Solutions Global, set the tone at the launch. “This is bigger than tourism—it is a movement. We are reconnecting with Africa deliberately, to invest, to collaborate, and to reimagine global commerce through Nigeria. When Nigeria gets it right, Africa gets it right; and when Africa gets it right, the world gets it right.”

According to recent figures, Nigerians abroad send over $20 billion in remittances annually. But the organisers stressed that this moment is about more than transfers. “The diaspora is a critical driver of nation-building,” Aragbaye said. “Now we want to back startups, empower SMEs, and reimagine industries through a global lens.”

The November programme will not only see the returnees explore Nigeria’s vibrant cities, but also connect with local entrepreneurs, sit down with policymakers, and pursue joint ventures. The group includes high-profile professionals and investors from real estate, technology, fashion, and philanthropy. To give the journey global visibility, the reconnection experience will also be documented in a feature film showcasing Nigeria’s beauty, creativity, and business opportunities.

Eko Hotel’s Publicist, Ayodele Adio, described the event as another chance for Lagos to shine. “Hospitality today is more than comfort. It is about creating platforms where Nigeria can proudly stand before the world. Lagos has proven with Detty December and other global events that we can deliver experiences of international standards. Diaspora Returns will only amplify that story of resilience and brilliance.”

From across the Atlantic, Chantel Francois, President of the East Point Atlanta Convention and Visitors Tourism Bureau, noted the cultural and economic bridges already linking Atlanta and Lagos. With over 20,000 Nigerians living in Atlanta and direct daily flights between the two cities, she said, “tourism, culture, and business are now easier than ever to strengthen.”

The economic side of the project is equally bold. Waterlight Save Initiative announced plans to support 200 Nigerian small businesses with loans, while Palton Morgan Holdings pledged to provide credible platforms for diaspora capital in real estate and beyond. “This is not just an event, it is the start of a lifetime partnership,” said Palton Morgan’s Sales Director, Achuonye Vivian.

As November approaches, the excitement is undeniable. For many, this return signals more than a reunion with ancestral soil—it represents a rebirth of confidence, creativity, and commerce. And for Nigeria, it is a reminder that the diaspora is not just watching from afar. They are coming home, ready to build.

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RYNI News | Blessing Isiuwa
20 August 2025

In a bold move to attract global capital and accelerate economic transformation, the Nigeria Governors’ Forum (NGF) has unveiled Investopedia, a groundbreaking platform aimed at connecting investors with viable projects across all 36 states of the Federation. The launch, which took place in Abuja on Tuesday, positions the initiative as a central hub for investment opportunities, with the goal of driving job creation, infrastructure development, and inclusive growth.

Speaking at the event, NGF Chairman and Kwara State Governor, AbdulRahman AbdulRazaq, stressed the urgent need for Nigeria to tap into both global and African financial markets. Represented by Nasarawa State Governor Abdullahi Sule, AbdulRazaq noted that foreign direct investment into Nigeria has averaged a mere $2 billion annually over the last decade—less than 0.5 percent of GDP—primarily concentrated in oil, telecommunications, real estate, and agriculture.

“Despite these inflows, Nigeria faces an infrastructure financing gap estimated at $100 billion each year, a burden largely shouldered by states,” AbdulRazaq said. “Public sector projects alone cannot bridge this gap. Investopedia is designed to unlock global and African capital flows, generate employment, modernize infrastructure, and promote sustainable, inclusive growth.”

Investopedia, produced in both print and digital formats, will be showcased at major global events, including the Intra-African Trade Fair, UN General Assembly, and Africa Investment Forum. The biennial publication highlights bankable projects, provides market insights, and details incentives across sectors, creating a transparent and curated pipeline for potential investors.

NGF Director General, Abdulateef Shittu, described the initiative as a “new dawn in Nigeria’s investment readiness at the subnational level.” He explained that fragmented entry points and financing constraints have historically hindered large-scale investment. “Investopedia solves this problem by offering a one-stop shop for investors to engage with credible opportunities across all states, backed by strong governance, institutional oversight, and global visibility,” he said.

The platform is complemented by the NGF Fund, a pooled investment vehicle designed to channel catalytic capital into subnational projects, ensuring that highlighted opportunities translate into real-world development. Sectors such as agro-processing, renewable energy, ICT infrastructure, and finance are prioritized, promising benefits that extend beyond financial returns to improved livelihoods and sustainable development.

AbdulRazaq concluded with a direct appeal to global investors: “Nigeria’s states are open, credible, and investment-ready. With Investopedia and the NGF Fund, we are sending a clear signal: the opportunities are vast, the commitment is firm, and the time to invest is now.”

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RYNI News | Omotayo Stephen . O
15 August 2025

Nigeria’s inflation rate slid to 21.88 percent in July 2025, offering a faint glimmer of relief to an economy long battered by rising costs. The figure, released by the National Bureau of Statistics (NBS) on Friday, represents a modest dip from June’s 22.22 percent — the fourth time this year the headline inflation rate has inched downward.

While the numerical drop signals a technical slowdown in the pace of price increases, the reality on the streets paints a more complicated picture. For many Nigerians, particularly at the market stalls and food shops, life is still as expensive as ever.

According to the NBS report, July’s headline inflation rate was 0.34 percentage points lower than June’s, and a dramatic 11.52 percentage points below the 33.40 percent recorded in July 2024. Economists attribute part of this sharp year-on-year decline to the statistical “base effect” — comparing today’s prices to last year’s extreme highs.

However, a closer look reveals a more stubborn trend: on a month-to-month basis, inflation actually accelerated. July’s monthly inflation stood at 1.99 percent, up from 1.68 percent in June. In other words, prices continued to rise in July — just at a slightly slower annual pace.

Food Inflation Climb to 22.74%

Perhaps most telling is the performance of food inflation, the metric that hits households hardest. Year-on-year, food prices climbed 22.74 percent in July, up from 21.97 percent in June. While this is a steep drop from the staggering 39.53 percent recorded in July last year, the cost of essentials remains burdensome.

Month-to-month, food inflation was pegged at 3.12 percent, marginally below June’s 3.25 percent. The bureau credited this slight easing to falling prices of staples such as vegetable oil, beans, local rice, maize flour, guinea corn, wheat flour, and millet. Yet, the annual average food inflation rate still sits at a hefty 26.97 percent, underscoring the persistent pressure on household budgets.

The Usual Suspects Driving Prices

Beyond the kitchen, the NBS identified food and non-alcoholic beverages, restaurants and accommodation services, and transportation as the biggest contributors to overall price growth. With fuel costs, service charges, and transport fares still climbing, the ripple effects on everyday living remain unavoidable.

What This Means for Nigerians

While policymakers might hail the headline drop as a sign of progress, many Nigerians will not feel it in their pockets any time soon. Disinflation — the slowing of price increases — does not translate into falling prices, and for most families, the arithmetic remains grim.

For now, the numbers may look better on paper, but at the market stall, the same weary question echoes: “Why does everything still cost more?”

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RYNI News | Omotayo Stephen . O
12 August 2025

In a dramatic illustration of Nigeria’s tightening job market, an astonishing 1,911,141 Nigerians have thrown their hats into the ring for the 2025 recruitment drive by the Civil Defence, Correctional, Fire, and Immigration Services Board (CDCFIB). With just 30,000 positions on offer, the figures translate to a brutal selection rate of barely 1.57%, setting the stage for one of the fiercest job contests in the nation’s history.

The application portal, which finally shut down late Monday night, had endured weeks of turbulence. Originally scheduled to open on June 26, the exercise stumbled at the starting line when repeated portal crashes forced postponements — first to July 14, then to July 21. Technical breakdowns, coupled with a surge of early applicants, meant the closing date had to be extended from August 4 to August 11.

When the dust settled, the numbers told a story that was as staggering as it was sobering. Kogi State emerged as the epicentre of the recruitment stampede with 116,162 applicants, narrowly ahead of Kaduna (114,536) and Benue (110,565). Kano (89,355) and Niger (79,504) rounded out the top five states, collectively accounting for an eye-watering 510,174 hopefuls.

At the other end of the spectrum, Bayelsa recorded the smallest number of entries — 11,669 — followed by Lagos (14,215), Rivers (22,207), Ebonyi (23,601), and Delta (27,956). Combined, these five states mustered fewer than 100,000 applications — less than a fifth of Kogi’s figure alone.

The stakes are particularly high because the vacancies span four major paramilitary agencies: the Nigeria Security and Civil Defence Corps (NSCDC), Nigeria Correctional Service, Federal Fire Service, and Nigeria Immigration Service. With no more than a few hundred to a thousand slots per state, insiders warn that even highly qualified candidates will face daunting odds.

The CDCFIB, in a post on its official X (formerly Twitter) account, expressed appreciation to applicants while outlining the next steps:

“Recruitment Applications Closed! We thank all applicants for their interest and commitment to serving with honour, integrity, and national pride. Shortlisted candidates will be contacted shortly with further instructions. Please monitor your email and text messages over the coming weeks.”

For many, the process has been more than just a career pursuit — it has been a shot at stability in a volatile economy. “This is not just about wearing a uniform,” said Musa Adamu, a graduate applicant from Kaduna. “It’s about securing a livelihood when every other door seems closed.”

Economists point to the overwhelming response as a stark reflection of Nigeria’s high youth unemployment rate, with millions of qualified graduates chasing limited public-sector jobs for the promise of steady pay, pension security, and social prestige.

With the screening phase now on the horizon, tension is building. The closing of the portal has ended one chapter, but for the 1.9 million contenders, the real battle — the fight for a badge, a salary, and a future — is only just beginning.

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RYNI Media: By Omotayo Stephen . O
23 July 2025

In a bold diplomatic and economic overture that signals the dawn of a new era in intra-African cooperation, a powerful delegation of 30 of Egypt’s most prominent companies stormed Nigeria’s capital city, Abuja, on Monday — igniting what experts are calling one of the most ambitious investment missions between African nations in recent years.

The delegation, led by Egypt’s Minister of Foreign Affairs, Immigration and Expatriates, Dr. Badr Abdel Aaty, marks a historic deepening of Egypt-Nigeria ties, with targeted interest in critical sectors such as agriculture, pharmaceuticals, mining, energy, oil and gas. The visit is not just symbolic — it’s strategic, intentional, and clearly driven by a long-term vision to forge a robust economic alliance between two of the continent’s most influential economies.

“We have brought with us the best of Egyptian enterprise — over 30 powerhouse companies — because we see a fertile landscape for investment here in Nigeria,” said Dr. Abdel Aaty in a post-meeting press briefing. “Nigeria is not just a country; it is a gateway to the future of African prosperity. We are committed to building mutual success based on trust, vision, and value.”

The visit follows closely on the heels of high-level discussions between President Bola Tinubu and his Egyptian counterpart, President Abdel Fattah el-Sisi, during the G20 Summit in Rio de Janeiro. Both leaders agreed to elevate bilateral relations to a “comprehensive and strategic partnership” — and this latest economic mission is tangible proof of that pledge taking flight.

Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, hailed the Egyptian initiative as timely and transformational. “This is more than diplomacy; it is a strategic partnership in action. As Nigeria expands its push for economic diversification, the involvement of Egyptian companies in areas like infrastructure, energy, agriculture, and mineral development is a game-changer.”

Beyond federal interests, the Egyptian delegation will also feature prominently at the upcoming Jigawa State Business Forum, an event poised to bridge national vision with sub-national opportunities.

From land reclamation projects that have turned barren deserts into agricultural hubs, to advanced energy infrastructure, many of these Egyptian firms bring tested innovations with clear potential for replication in Nigeria.

To anchor this emerging partnership, both nations have agreed to establish a Joint Commission — a permanent platform to oversee and coordinate bilateral investments and subsume existing frameworks like the Nigeria-Egypt Chamber of Commerce.

Africa’s giants are finally shaking hands — not just in words, but in business. And the continent, it seems, is watching history being written.

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RYNI Media: By Omotayo Stephen . O
22 July 2025

In a swift and emphatic response to viral falsehoods, Mohammed Babangida, the first son of former military president General Ibrahim Babangida, has categorically denied rejecting his recent appointment by President Bola Ahmed Tinubu as Chairman of the Bank of Agriculture (BOA).

A counterfeit letter, purporting to show Babangida declining the prestigious role, has been widely circulated on social media, sparking confusion and speculation across political circles. The letter, signed under dubious credentials and quoting fake contact information, claimed that Babangida turned down the appointment due to “personal and professional considerations.” But his media team is not having it.

Speaking on behalf of the Babangida family, Alhaji Mahmud Abdullahi—media aide to Mohammed Babangida—slammed the letter as “a fabricated piece of mischief, designed by disgruntled elements intent on derailing public trust.”

“The letter is entirely fake. It bears a forged signature and false contact details. Mohammed Babangida did not, and would not, reject an opportunity to serve his country,” Mahmud declared. “In fact, he has gratefully accepted the appointment and has conveyed his deepest appreciation to President Tinubu for the confidence reposed in him.”

Reinforcing the statement, Mr. Determine Saka, Lead Partner of Lambert & Curtis Nigeria Limited, described the publication as “not only fictitious, but a desperate act of mischief-makers seeking to sow discord for their own selfish agendas.”

Mohammed Babangida, a respected businessman and public policy enthusiast, was among several appointees named last week in President Tinubu’s sweeping reforms to reposition key federal agencies. His appointment as Chairman of the Bank of Agriculture is seen as a strategic move to revive Nigeria’s agricultural sector and empower rural economies.

Sources close to the Babangida family confirmed that the viral letter caught them off guard, but they are undeterred. “We remain committed to transparency, national unity, and upholding the dignity of public service,” Mahmud noted.

The family has also indicated that an investigation is already underway to uncover the origin of the forged letter. Legal action may follow.

“This is not just about one man’s name—it’s about protecting the integrity of national governance,” Mahmud added. “Nigeria must not become a playground for digital forgeries and political sabotage.”

As social media continues to fuel the spread of disinformation, the Babangidas’ prompt rebuttal underscores a growing challenge in Nigerian politics: separating truth from viral fiction. But this much is clear—Mohammed Babangida is not walking away from service. He’s stepping up.

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RYNI Media: By Omotayo Stephen .O
17 July 2025

Africa, home to over 1.4 billion people and some of the world’s fastest-growing economies, is increasingly becoming the stage of a puzzling economic drama. On one side, foreign investors are pouring billions into African ventures, seeking untapped markets and long-term gains. On the other, Africa’s own wealthy elite are steadily moving their money overseas—into Western real estate, foreign stocks, and offshore accounts.

According to the United Nations Conference on Trade and Development (UNCTAD), foreign direct investment (FDI) into Africa reached $97 billion in 2021, a 147% increase from the previous year, signaling renewed global confidence in the continent’s potential. Meanwhile, the African Wealth Report 2023 by Henley & Partners reveals that over 60% of Africa’s high-net-worth individuals (HNWIs) hold a significant portion of their assets outside the continent.

Why the contradiction?

The answer lies in a combination of perceived domestic risk and global financial pull factors. For many wealthy Africans, home markets are plagued by economic volatility, weak legal protections, and fragile political systems. The Mo Ibrahim Index of African Governance shows that while some countries are progressing, issues like corruption, rule of law, and regulatory instability remain widespread, leading to a “flight to safety” mentality among local investors.

“Many wealthy Africans prefer the predictability of London, New York, or Dubai to the uncertainty they face in their own backyards,” says economist Dr. Bayo Akinlade. “Even profitable businesses can be destabilized overnight by policy shifts or governance failures.”

Additionally, trust in African financial institutions remains low. A World Bank survey (2022) found that nearly 40% of surveyed African entrepreneurs cited regulatory uncertainty and political interference as major barriers to local investment.

But this story isn’t just about fear—it’s also about prestige and global mobility. Offshore investments often provide elite Africans with access to global banking, residency or citizenship-by-investment programs, and elite education systems. These incentives, combined with better access to global capital markets, explain why African capital continues to flow outwards.

Ironically, while African investors look abroad, foreign investors are lining up to enter. The reasons? High returns, first-mover advantage, and long-term strategic positioning.

In private equity, for instance, African funds have delivered annual returns of 11–15%, according to a 2023 report by McKinsey & Company, outperforming many Western markets. Sectors like fintech, agritech, infrastructure, and clean energy offer robust growth potential, with the African Continental Free Trade Area (AfCFTA) projected to create a combined market of $3.4 trillion.

“Africa’s youth, digital adoption, and resource base make it irresistible for forward-thinking global investors,” says Maria Edwards, Senior Analyst at the IFC. “They’re playing the long game.”

This paradox reveals a key challenge for African policymakers: how to restore domestic investor confidence, stem capital flight, and build a more trustworthy investment climate.

Until then, Africa risks becoming a continent where wealth is created locally but stored abroad—while outsiders reap the rewards of a future Africans themselves hesitate to fully claim.

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RYNI Media: By Omotayo Stephen .O
16 July 2025

In a bold stride towards rewriting the narrative of Africa’s maritime infrastructure, billionaire industrialist Aliko Dangote is setting sail on a new frontier — the construction of Nigeria’s largest and deepest seaport along the coastal stretch of Olokola in Ogun State.

This visionary project, recently filed with Nigerian authorities, aims to transform Olokola into a global export hub, seamlessly linking Dangote’s sprawling industrial empire with international markets. The strategic move will not only diversify Nigeria’s economic arteries beyond crude oil but also solidify the nation’s position on the global logistics and liquefied natural gas (LNG) map.

“This is not just about the Dangote Group. It’s about igniting a wave of private sector-led industrialisation across Africa,” Dangote said in a recent interview with Bloomberg. “When others see this, they will believe it can be done.”

The proposed port—destined to surpass the depths and scale of the Lekki Deep Sea Port—signals Dangote’s intention to centralise and streamline exports of petroleum products, fertilisers, and LNG through a custom-built infrastructure ecosystem. It marks a strategic pivot back to Olokola, once earmarked for Dangote’s oil refinery before negotiations with the government fell through, pushing the refinery to Lagos’ Lekki Peninsula.

But this new vision dwarfs past plans.

At the heart of the initiative is an audacious pipeline network stretching from the gas-rich swamps of the Niger Delta to the southwestern coastline, designed to feed LNG into export channels that could rival Nigeria LNG Limited and disrupt the continent’s energy hierarchy.

“We know where the gas is. We will bring it to the coast,” said Devakumar Edwin, vice president of the Dangote Group. “We are aiming to eclipse NLNG’s output — and redefine Africa’s role in the global gas economy.”

The project unfolds amid ongoing international expansion. Dangote is currently exporting fertilisers to countries as far afield as the United States, Brazil, and India, with plans to erect a fertiliser plant in Ethiopia. His ambition? To dethrone Qatar as the world’s top urea producer within the next 40 months, while achieving fertiliser self-sufficiency across Africa.

Meanwhile, the company’s $20 billion, 650,000 bpd refinery—the largest in Africa—has commenced operations and is already reshaping fuel distribution dynamics across the continent. Plans are also underway to construct massive fuel storage facilities in Namibia and to list the petrochemical arm on the Nigerian Stock Exchange by year’s end.

In Dangote’s world, the tides are shifting—and with them, so might the future of Africa’s industrial destiny.

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RYNI Media: By Omotayo Stephen .O
15 July 2025

In a testament to global ambition and entrepreneurial brilliance, two Nigerian-born innovators, Adebayo “Bayo” Ogunlesi and Tope Awotona, have secured their places on Forbes’ 2025 list of America’s richest immigrants. The annual list, featuring 125 immigrant billionaires from 41 countries, showcases the pivotal role of immigrants in shaping the U.S. economic landscape, particularly in sectors like technology, finance, and innovation.

It’s a seismic moment not just for Nigeria, but for the entire African continent. For the first time, two Nigerian visionaries have climbed into the billionaire ranks of the world’s most competitive economy — a feat born not of inheritance, but of tenacity, daring innovation, and pure willpower.

At 77th position, Ogunlesi is no stranger to global influence. A Yale- and Harvard-trained legal and financial mastermind, he chairs Global Infrastructure Partners, a firm that controls billions in airport, energy, and transport investments. With a personal fortune estimated at $2.4 billion, the business mogul from Sagamu has shaped mega-deals in US — all while keeping his roots firmly Nigerian.

Meanwhile, Tope Awotona, the tech disruptor behind the scheduling giant Calendly, lands at 106th position with a net worth of $1.4 billion. A one-man startup army who emptied his savings to build Calendly, Awotona’s journey from the streets of Lagos to the innovation labs of Atlanta is now the blueprint for immigrant excellence in global SaaS powerhouse used by millions.

Their rise is part of a larger phenomenon: immigrants now make up 14% of America’s billionaires — but command a staggering 18% of its total billionaire wealth, according to Forbes. And it’s not just about money. This list celebrates resilience, vision, and the global citizen who builds across borders.

At the summit remains South African-born Elon Musk, whose $393.1 billion empire spans Tesla, SpaceX, and AI. Yet beyond Musk’s shadow, the emergence of Ogunlesi and Awotona signals a new dawn for African entrepreneurial influence — one that’s no longer defined by extraction or aid, but by technology, finance, and boardroom leadership.

Other notable African-born figures include Egypt’s Haim Saban ($3.1 billion), Morocco’s Marc Lasry ($1.9 billion), and Bharat Desai from Kenya ($1.6 billion).

Forbes notes that 93 percent of the immigrant billionaires are self-made, a figure that speaks volumes about the grit and resilience driving this elite group. The rise from 92 immigrant billionaires in 2022 to 115 in 2025 signals a growing “immigrant mindset” fueled by innovation, adaptability and relentless pursuit of opportunity, qualities well embodied by Ogunleai and Awotona on the world stage.

This year’s rankings don’t just spotlight wealth — they spotlight visionaries who dared to dream across oceans and borders. And as Ogunlesi and Awotona rise, they not only carry the torch for Nigeria — they illuminate a path for the next generation of global changemakers.

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