Dangote Loses $2bn But Remains Africa’s Richest Man for 8th Straight Year

Aliko Dangote remains Africa’s richest man for the eighth consecutive time although his wealth dropped by $2 billion from $12.2 billion in January 2018 to $10 billion in 2019.

This is according to Forbes’ Africa Billionaire List released on Wednesday, where Mike Adenuga, chief executive officer of Globacom, moved up to be Africa’s second richest man.

The influential American magazine said Adenuga’s net worth dramatically increased from $5.3 billion to $9.2 billion.

In other good news for Nigerian billionaires, Abdulsamad Rabiu, chief executive officer of BUA Group, featured on the list for the first time since 2015.

Rabiu’s Kalambaina Cement firm merged with Cement Company of Northern Nigeria, which he controlled, in December 2018. He now owns 97% of the entity.

Kalambaina, which operates a new cement production facility, started selling cement in mid-2018. Separately, Rabiu’s OBU Cement recently expanded its operations, adding a new production line.

Folorunsho Alakija, whose net worth dropped to $1.1 billion from $1.3 billion, was ranked 19th – a tie with South African banker, Michiel Le Roux.

Commenting on the reduced net worth 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.”

The magazine also showed that in a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two.

Algeria, Angola, Tanzania and Zimbabwe have one billionaire each.


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