Mike Adenuga is closing in on Aliko Dangote as Africa's richest man

Marco Green
January 12, 2019

On Wednesday, January 10, Forbes released the 2019 ranking of Africa's billionaires.

Alajika's net worth fell to $1.1bn from $1.3bn, giving him a 19th position in the ranking.

Aliko Dangote, the President of Dangote Group, who was ranked Africa's richest man in the 2019 Forbes Africa's billionaires list, has remained consistently ahead of the pack for the eighth consecutive year, with a current net worth of $10.3 billion.

On the female side, Africa's wealthiest woman, Folorunsho Alakija's net worth was said to have dropped from one and a half billion dollars to one billion.

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.

The United States (U.S.) magazine said Adenuga's net worth rose tremendously from $5.3 billion to $9.2 billion because he provided more detailed information about his assets.

Dangote, according to Forbes magazine, was closely followed on the rich list by another Nigerian - the Chairman of Globacom, Mike Adenuga, who was ranked the second richest person in the continent, with total net worth of $9.2 billion.

Overall, the 20 African business tycoons are worth $68.7 billion, down from $75.4 billion previous year.

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

This may also have contributed to four people falling off the annual 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", the statement read.

Rabiu's Kalambaina cement firm merged with Cement Company of Northern Nigeria, which he controlled in December 2018.

Rabiu now owns 97 per cent of the company. Kalambaina, which operates a new cement production facility, started selling cement in mid-2018. "All but four members on the list have smaller fortunes than a year ago". Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe.

In 2015, Dangote's net worth stood at $25 billion, but reduced by about $15 billion three years after. However, the average net worth for each individual on the list rose by $3.4 billion from $3.3 early 2018.

Other reports by Click Lancashire

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