The President of the Dangote Group, Aliko Dangote, has retained his ranking as Africa’s richest man for the eighth consecutive time, according to Forbes Magazine.
Though his wealth dipped from $12.2bn in January 2018 to $10bn in 2019, falling short by $2bn, the business guru maintained his lead.
In the Forbes’ top Africa Billionaires List released on Wednesday, the Chairman of Globacom, Mike Adenuga, with interests in oil exploration and real estate, moved up emerged Africa’s second richest man.
According to the magazine, Adenuga’s net worth rose dramatically from $5.3bn to $9.2bn, this it attributed to the fact that he provided more detailed information about his assets.
The Chairman/Chief Executive Officer, BUA Group, Abdulsamad Rabiu, made the list for after dropping off in 2015.
Rabiu’s Kalambaina Cement Company Limited merged with Cement Company of Northern Nigeria, which he controlled, in December 2018. He now owns 97 per cent of the entity.
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The Founder and Executive Chairman, Famfa Oil Limited, Mrs Folorunsho Alakija, whose net worth dropped to $1.1bn from $1.3bn, was ranked 19th tying with South African banker, Michiel Le Roux.
Proffering reasons for the reduction in the net worth of some of the personalities, Forbes said, “Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk 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.”
