Dangote, Adenuga top Forbes' Africa billionaires list

Dangote

Dangote

Aliko Dangote's net worth stands at $10.3 billion, dropping almost $2 billion in the last one year.

President, Dangote Group, Alhaji Aliko Dangote retained his Africa's richest man position for the eighth consecutive time though his wealth dipped by $2 billion from $12.2 billion in January 2018 to $10 billion this year, Forbes' Africa Billionaires List released yesterday showed.

In 2015, Dangote was reported to have a net worth of $25bn, but three years after, that lot has reduced by about $15bn. "All but four members on the list have smaller fortunes than a year ago".

The global magazine listed Mike Adenuga, Chairman/Chief Executive Officer of Globacom moved up to become the second richest man in Africa. Oppenheimer's grandfather found the diamond mining firm DeBeers in 1888. He is worth approximately $10.3 billion but lost a chunk of money - about $2 billion - when the stock price of Dangote Cement plummeted. He's richer due to a rise in the share price of Econet Wireless Zimbabwe and a new investment that boosted the value of his stake in fiber-optic and satellite-services firm Liquid Telecom.

Mrs. Alakija's ranking tied with South African banker, Michiel Le Roux.

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Forbes found one billionaire each in Algeria, Angola, Tanzania and Zimbabwe.

Alakija owns a stake in one of the most productive oil fields in Nigeria, now operated by Chevron.

Aliko Dangote, President and Chief Executive Officer, Dangote Group, Nigeria, during the African Fellowship Programe with Young Global Leaders announcement at the World Economic Forum on Africa 2011 held in Cape Town, South Africa, 4-6 May 2011.

Those who didn't make the billionaire cut this year include Aspen Pharmacare founder Stephen Saad, Assor Group's Desmond Sacco and Shoprite investor Christoffel Wiese.

The merger between Rabiu's Kalambaina Cement firm with Cement Company of Northern Nigeria, which he controlled, in December 2018 was formally consummated in Sokoto earlier this week. He now owns 97 per cent of the entity. Separately, Rabiu's OBU Cement recently expanded its operations, adding a new production line. (Unitel did not respond to a request for comment.) Nigeria's Alakija owns a stake in one of the most productive oil fields in Nigeria, now operated by Chevron. Her net worth dropped due a decline in the value of the oil field, in part because its production has leveled off.

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