American rating magazine, Forbes has released this year’s list of African richest men. The list was published on Wednesday, January 9, 2019.
In the Forbes’ latest rating, the President of Dangote Group, Aliko Dangote, and the Chairman of Globacom, Dr Mike Adenuga, tops the Forbes’ Africa Billionaires.
Despite seeing his wealth drop by $2 billion from $12.2 billion in January 2018 to $10 billion in 2019, Dangote retained his position as the continent’s richest man for the 8th consecutive time.
According to Forbes, Dangote’s drop of wealth is primarily due to a roughly 20% drop in the stock price of Dangote Cement, which is arguably his most valuable asset.
The continent’s second richest is Mike Adenuga, who 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.
Adenuga’s net worth climbed dramatically from $5.3 billion in January 2018 as a result of more detailed information provided by him about his assets.
Moreso, the Chairman/Chief Executive Officer, BUA Group, Abdulsamad Rabiu, featured on the list for the first time since 2015. Rabiu’s Kalambaina Cement Company Limited merged with Cement Company of Northern Nigeria, which he controlled, in December 2018. He now owns 97 per cent of the entity.
The Founder and Executive Chairman, Famfa Oil Limited, Folorunsho Alakija, whose net worth dropped to $1.1 billion from $1.3 billion also ranked on the list.
Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago. 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 of the list have smaller fortunes than a year ago.