Dangote Maintains Position As Africa’s Richest Person For 9th Consecutive Year

Nigerian billionaire businessman Aliko Dangote has been rated by Forbes as the richest in the African continent even as the wealth of the billionaires in the continent dropped.

The latest ranking makes it the ninth consecutive year Dangote would earned the honour.

The data released by the American business magazine which focuses on business, investment, technology and entrepreneurship showed that the billionaire’s net worth is now $9.9 billion.

The tycoon who owned about 85% of Dangote Cement recorded a decrease in wealth by 2% from $ 10.1 billion in January 14, 2020 to $9.8 billion by February 12, 2020.

The rating showed that Dangote is on number 173 among the richest in the world.

Egypt’s Nassef Sawiris was behind Dangote with $7.6 billion as he dropped from $8 billion earlier recorded in January 2020.

The Nigerian billionaire owner of GLOBACOM a mobile network service provider, Mike Adenugu was ranked third richest in Africa with a net worth of $ 7.2 billion, a drop from his worth as at January, which was $ 7.7 billion.

Nicky Oppenheimer and family maintained same position with Nigeria’s Adenugu with a net worth of $7.7 billion, as his worth did not change from the previous rating of $7.7 billion in January 2020.

Similarly, the Nigeria billionaire owner of BUA Group, Abdulsamad Rabiu was listed eight richest in the continent with a net worth of $3 billion, a decline from his previous rating of $3.1 billion as at January.

Nigeria’s Folorunsho Alakija who is the vice chairman of Famfa Oil is number 20 in the list with $1 billion.

Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa, with stakes in publicly-traded salt, sugar and flour manufacturing companies.

The tycoon’s Refinery has been under construction for three years and is expected to be one of the world’s largest oil refineries once complete.