Dangote, now worth $2bn less, remains Africa’s richest man

Dangote

Dangote's net worth value, which stood at $12.2 billion in January, last year, is down to $10 billion a year after, the Forbes' Africa Billionaires List released yesterday showed. He dropped from a net worth of $7.1 billion down to $5.3 billion, a staggering 26.4% decline.

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.

In the last one year, Dangote's net worth dropped almost $2 billion, Forbes, said it was due to a roughly 20% dip in the stock price of Dangote Cement, his most valuable asset.

The continent's second richest is Mike Adenuga, also of Nigeria, worth an estimated $9.2 billion. His net worth skyrocketed from $5.3 billion in January 2018 after he provided thorough information about his assets.

The industrialist, who has now topped Africa's rich list for a record eight times, emerged the continent's richest man for the first time in March, 2011, with a net worth of $13.8 billion, according to a similar annual report from Forbes.

Rabiu now owns 97 per cent of the company.

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Folorunsho Alakija is the fourth richest Nigerian and the second woman in this year's African billionaires club.

Kalambaina, which operates a new cement production facility, started selling cement mid-last year just as Rabiu's OBU Cement has expanded its operations, adding a new production line.

Tagged: Fewer Billionaires, Poorer Billionaires On African Continent In 2019, Forbes said the number of African billionaires fell to 20, down from 23 past year, having been buffeted by plunging stock prices and weaker currencies.

He is worth approximately $10.3 billion but lost a chunk of money - about $2 billion - when the stock price of Dangote Cement plummeted.

"In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two". Their net worth also dipped from $75.4 billion for last year's list to $68.7 billion. All but four members of the list have smaller fortunes than a year ago.

Forbes found one billionaire each in Algeria, Angola, Tanzania and Zimbabwe. However, the average net worth for each individual on the list rose by $3.4 billion from $3.3 early 2018.

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