Alhaji Aliko Dangote, Dr. Mike Adenuga, Alhaji Abdulsamad Rabiu and Mrs. Folorunsho Alakija have all been listed in the latest ranking by Forbes among top billionaires in Africa with a combined net worth of $22.2 billion , out of the top 20 tycoons worth $68.7 billion in Africa who either resides in Africa or have their primary businesses within the continent.
Dangote, Africa’s Richest Person, Became Rich at Home. For the seventh year in a row, Forbes has calculated that Aliko Dangote is Africa’s richest man and is also the only African that Bloomberg includes in its list of the world’s “fifty most influential people.” Dangote emerged top spot among other 20 African tycoons. His current worth is calculated as $68.7 billion a decrease from his last year’s worth which was stated at $75.4 billion. He retained his position as the wealthiest man in Africa. His estimated $10.3 billion net worth, however, is nearly $2 billion less than a year ago, primarily due to a roughly 20 per cent drop in the stock price of Dangote Cement, his most valuable asset. According to Forbes, the Nigerian business mogul, who deals in flour, sugar, cement, construction and other line of investments, is retaining the top position for the eighth year in a row.
Adenuga is the second wealthiest in Africa according to the ranking. He is worth an estimated $9.2 billion. Adenuga owns Globacom, which is the third largest mobile phone network in Nigeria, plus oil exploration firm, Conoil Producing, extensive real estate holdings in Nigeria, and a network of 12,000 cell phone towers. Adenuga’s net worth also climbed dramatically from $5.3 billion in January 2018 as a result of more detailed information provided by him about his assets.
Rabiu, the biggest returnee on the list and another Nigerian cement mogul. The Kano-born businessman runs and owns the BUA Group. His net worth is calculate at $1.6 billion. He returned to the list for the first time since 2015. Some of the investment decisions taken by him last year was merging his Kalambaina Cement firm into publicly traded Cement Company of Northern Nigeria. Rabiu now owns 97 per cent of the list entity. Separately, Rabiu’s OBU Cement recently expanded its operations, adding a new production line.
Two women, Isabel dos Santos, daughter of Angola’s former president, Jose Eduardo dos Santos; and Nigeria’s billionaire businesswoman, Folorunso Alakija. Alakija (born 15 July 1951) is one of the richest African women, and one of the richest black women in the world. In 2014, she temporarily became the richest woman of African descent in the world. Folorunsho Alakija also made the list of 20 billionaires. Alakija, with a net worth of $1.1 billion, owns a stake in one of the most productive oil fields in Nigeria, currently operated by Chevron. Her net worth dropped due to a decline in the value of the oil field, in part because its production has leveled off.
In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe. Drained by declining stock prices and weaker currencies, the number of African billionaires shrank to just 20, down from 23 a year ago. Four people fell off Forbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago