Dangote Remains Africa’s Richest Man – Forbes

• Dangote Remains Africa’s Richest Man – Forbes

Dangote Group Chairman Aliko Dangote remained the richest man in Africa, according to the Forbes’ Africa Billionaires List published on Wednesday.

The American magazine put Dangote’s wealth at US$10 billion in 2019, down from US$12.2 billion in 2018. Despite the over US$2 billion declines, Dangote retained his position as Africa’s richest man for the eighth consecutive time.

While Dr Mike Adenuga trailed Dangote with a net worth of US$9.2 billion. The Chairman of Globacom saw his wealth increasing from US$5.3 billion in 2018 to US$9.2 billion in 2019.

The dramatic jump in Adenuga’s net worth was attributed to more details about the billionaire’s assets.

Abdulsamad Rabiu, the Chairman/Chief Executive Officer, BUA Group featured on the list for the first time since 2015 after Rabiu’s Kalambaina Cement Company Limited merged with Cement Company of Northern Nigeria. Rabiu now owns 97 percent of the company.

Mrs Folorunsho Alakija, the Founder and Executive Chair of Famfa Oil Limited, dropped to 19th position with a net worth of US$1.1 billion, down from US$1.3 billion.

Speaking on the change in net worth of 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.”