Mr. Aliko Dangote and Globacom’s Mike Adenuga shine ontop as Forbes release 2018’s list of Africa richest billionaires.
For the eighth year in a row, Aliko Dangote of Nigeria is Africa’s richest person. His estimated $10.3 billion net worth, however, is nearly $2 billion less than a year ago, primarily due to a roughly 20% drop in the stock price of Dangote Cement, his most valuable asset.
The continent’s second richest is Mike Adenuga, also of Nigeria, worth an estimated $9.2 billion. .
Adenuga owns Globacom, which is Nigeria’s third-largest mobile phone network, plus oil exploration firm Conoil Producing, extensive real estate holdings in Nigeria and a network of 12,000 cellphone towers.
His net worth has climbed dramatically from $5.3 billion in January 2018 as a result of more detailed information provided by him about his assets.
In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two.
Nigerian cement mogul Abdulsamad Rabiu, who runs and owns the BUA Group, returns to the list for the first time since 2015.
He merged his Kalambaina Cement firm into publicly traded Cement Company of Northern Nigeria, which he controlled, in late 2018. Rabiu now owns 97% of the list 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.
Nigeria’s Folorunsho Alakija owns a stake in one of the most productive oil fields in Nigeria, currently 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.
Altogether the 20 African tycoons are worth $68.7 billion, down from $75.4 billion for last year’s list. However, the average net worth for each list member this year has climbed to $3.4 billion from $3.3 billion in early 2018.
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