The international magazine listed Mike Adenuga, Chairman/Chief Executive Officer of Globacom moved up to become the second richest man in Africa.
Uche Usim, Abuja
Executive Chairman, Dangote Group Alhaji Aliko Dangote has retained his No 1 slot as Africa’s richest man for the eighth consecutive time, despite shedding $2 billion in earnings.
Peter Oboh commends Dangote over N50m Falcons largesse
According to Forbes billionaires’ list released on Wednesday, Dangote’s worth dropped by $2 billion, from $12.2 billion in January 2018 to $10 billion in January 2019.
The international magazine also listed Mike Adenuga, Chairman/Chief Executive Officer of Globacom who has interests in investments in oil and gas, real estate and other concerns moved up to become the second richest man in Africa.
According to Forbes, Adenuga’s net worth remarkably shot up from $5.3 billion to $9.2 billion because he provided more detailed information about his assets.
Another Nigerian oil magnate, Folorunsho Alakija, was ranked 19th. Her net worth dropped slightly to $1.1 billion from $1.3 billion.
She recorded a tie with South African banker, Michiel Le Roux.
Again, the number of African billionaires, according to the American magazine, shrunk to just 20, down from 23 in the last 12 months.
However, 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 per cent 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.
Forbes, in its remarks on the reduced net worth of the featured personalities, linked it to plunging stock prices and weaker currencies.
“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 on the list have smaller fortunes than a year ago.”
In a per-country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe