Dangote, other Nigerians hold form as Forbes releases richest African billionaires list

Forbes Magazine has released the 2020 version of its annual richest African billionaires ranking. The list has four Nigerians, including Alhaji Aliko Dangote who occupied the top spot.

Aliko Dangote: According to the latest ranking, Dangote’s net worth is now estimated at $10.1 billion. The sixty-two-year-old industrialist occupied the top spot in 2019, with an estimated net worth of $10 billion.

Dangote amassed his net worth through a string of business ventures, including his cement company and sugar refinery which are both listed on the Nigerian Stock Exchange. He is now building what has been adjudged the largest refinery in the world – the Dangote Refinery – which is expected to further boost his wealth once it becomes operational.

Mike Adenuga: Dangote is followed closely by Globacom’s Mike Adenuga who took the third spot. Mr Adenuga has an estimated net worth of $7.7 billion according to Forbes. This marks a significant reduction from the $9.2 billion he was estimated to have been worth last year. Little wonder his ranking had dropped from the number two position in 2019 to number three this year.

The sixty-six-year-old billionaire amassed his wealth through ventures in telecommunications and oil and gas. His telecommunications outfit – Globacom Nigeria – is one of the top players in the field.

Abudulsamad Rabiu: This Nigerian billionaire and Chairman of BUA Group has an estimated net worth of $3.1 billion in 2020. This marks a rise from last year’s estimate of $1.6 billion. To this end, the billionaire was ranked the 8^thrichest person in Africa. He amassed most of his money through his cement manufacturing business and other ventures.

Folorunsho Alakija: Mrs Alakija occupied the 20^th position in this year’s African billionaires ranking. According to Forbes, she has an estimated net worth of $1 billion. She had amassed her wealth through his oil and gas ventures.

Note that these are the only Nigerians on the 2020 Forbes richest African billionaires list. They were the only Nigerians on the list in 2019. Aliko Dangote has been topping the list over the last nine years.

It should also be noted that only eight African countries were captured in the list because the rest do not have dollar billionaires in the meantime.

South Africa and Egypt have the most billionaires represented on the list, with five each. This is followed by Nigeria which had four billionaires represented, and then Morroco with two billionaires.