Dangote Tops Forbes’ List Again As Africa’s Richest Man With Net Worth Of $13.9 Billion

For the 11th year in a row, Nigeria’s Aliko Dangote has emerged as the continent’s richest person, with an estimated net worth of $13.9 billion.

This was contained in the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List.

Investors King learnt that this is higher than last year’s record of $12.1 billion, largely due to a 30% increase in the stock price of Dangote Cement, his most valuable asset.

Recall that Investors King had earlier reported that the market value of the cement company stands at N4.7 trillion with Aliko Dangote as the majority owner. The company, alongside MTN, emerged as the leading dividend payers in 2021, with the companies paying N272 billion and N212.7 billion, respectively.

With his new refinery set to commence operations in the third quarter of 2022, his net worth is expected to surge by the end of the year. The refinery which is under construction at the Lekki Free Zone in Lagos is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility.

Its output is expected to be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

According to Forbes, Africa’s wealthiest are richer than they have been in eight years, despite the global coronavirus pandemic.

Forbes used stock prices and currency exchange rates from January 19, 2022 to measure the net worths. Billionaires from seven African countries made the list. South Africa and Egypt have the most, with five each, followed by Nigeria with three billionaires.

Jumping into the No. 2 spot, up from No. 4 in 2021 is luxury goods magnate, Johann Rupert of South Africa.

Two other Nigerians made the list; Abdulsamad Rabiu (5th) and Mike Adenuga (6th).

According to Forbes, Rabiu became $1.5 billion richer after taking yet another of his companies public. In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange. He and his son retained a 96% stake in the company, which recently had a market capitalization of nearly $2.8 billion. BUA Cement, in which he and his son have a 96% stake, was listed in January 2020.