Despite losing $900 million (CFA 486 billion) earlier in January, Nigerian businessman Aliko Dangote has maintained his position as Africa’s richest for the 10th consecutive year, according to Forbes’ 2021 African Billionaires List.
Nigerian businessman Aliko Dangote remains Africa’s richest for the 10th consecutive year, according to Forbes 2021’s African Billionaires List released yesterday Friday. In addition, the president of telecommunications giant Globacom Mike Adenuga was ranked 5th, while Abdulsamad Rabiu of BUA Group is ranked 6th among the richest in Africa.
Nigeria has three people on the list of Africa’s richest, while South Africa and Egypt each had five billionaires, followed by Morocco with two. Forbes revealed that the continent’s 18 billionaires were worth an average of $4.1 billion (FCFA 2,214 billion), 12% more than a year ago, partly due to the surge in the Nigerian stock market. « For the tenth consecutive year, Aliko Dangote of Nigeria is the richest person on the continent, with a value of US$12.1 billion (FCFA 6,534 billion), up US$2 billion (FCFA 1,080 billion) from last year’s list, thanks to a rise of about 30% in the share price of Dangote Cement, by far his most valuable asset, » Forbes said in his report.
The list named the second wealthiest person in Africa as Nassef Sawiris of Egypt, whose main asset was a stake of nearly 6% in sportswear manufacturer Adidas. Ranked third was Nicky Oppenheimer of South Africa, who inherited a stake in diamond company DeBeers and ran the company until 2012, when he sold his family’s 40% stake in DeBeers to Anglo-American mining giant for $5.1 billion (FCFA 2,754 billion).
In his report Forbes said the biggest winner this year was Abdulsamad Rabiu. « Remarkably, the shares of his BUA Cement Plc, which was listed on the Nigerian Stock Exchange in January 2020, have doubled in value over the past year, » he said. This has pushed Rabiu’s fortunes to an extraordinary 77%, to $5.5 billion (FCFA 2,970 billion), adding that Rabiu and his son together own about 97% of the company.
Forbes added that while some have become rich in billions of dollars, two of the 2020 list of Africa’s richest have fallen below $1 billion (FCFA 540 billion). In fact, the only two female billionaires in Africa had both disappeared from the list. Forbes estimated that the fortune of Folorunsho Alakija of Nigeria, who owns an oil exploration company, has fallen below US$1 billion (FCFA 540 billion) due to falling oil prices. Adding that Isabel dos Santos, who since 2013 was the richest woman in Africa, had been knocked off her perch by a series of court decisions freezing her assets in Angola and Portugal.