Dangote, Adenuga, Rabiu Make Africa’s Top Ten Billionaires List

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Chairman, Founder, CEO of Dangote Group, Aliko Dangote
Dangote, Adenuga, Rabiu Make Africa's Top Ten Billionaires List - Vantage News Nigeria
Chairman, Founder, CEO of Dangote Group, Aliko Dangote

Nigeria’s Aliko Dangote maintained his top spot in the list of Africa’s Billionaires.

According to the list of Africa’s top Billionaires released by Forbes on Friday, Dangote maintained his position at the top for the tenth straight year.

“For the tenth year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth $12.1bn, up by $2bn from last year’s list, thanks to a roughly 30 per cent rise in the share price of Dangote Cement, by far his most valuable asset,” Forbes stated in its report.

Gobacom’s Mike Adenuga and BUA Gruop’s Abdulsamad Rabiu are the other Nigerians that made the list.

While Adenuga made it to the list as the 5th richest, Rabiu closely followed in the 6th position.

The report, while revealing that Rabiu was the biggest gainer in the year, said, “Remarkably, shares of his BUA Cement Plc, which listed on the Nigeria Stock Exchange in January 2020, have doubled in value in the past year.”

According to Forbes, Rabiu’s fortune moved up by a huge 77 per cent, to $5.5bn.

It added that Rabiu and his son together own about 97 per cent of the company.

Forbes stated that the continent’s 18 billionaires were worth an average $4.1bn, 12 per cent more than a year ago.

The second richest person in Africa is Nassef Sawiris of Egypt, who has a six per cent stake in globa sportswear maker, Adidas.

Behind Sawriris is South Africa’s Nicky Oppenheimer, who inherited a stake in diamond firm DeBeers and ran the company until 2012, when he sold his family’s 40 per cent stake in DeBeers to mining giant AngloAmerican for $5.1bn.

The report added that while some got richer by the billions, two from the 2020 list of Africa’s richest dropped below the $1bn mark, adding that the 18 billionaires from Africa come from seven different countries.

Africa’s two women billionaires had both fallen off the list, with Forbes calculating that the fortune of Folorunsho Alakija of Nigeria, who owns an oil exploration company, dropped below $1bn due to lower oil prices.

Similarly, Africa’s richest woman, Isabel dos Santos dropped due to series of court decisions freezing her assets in Portugal and Angola.

South Africa and Egypt each had five billionaires, followed by Nigeria with three and Morocco with two.

Altogether they were worth $73.8bn, slightly more than the $73.4bn aggregate worth of the 20 billionaires on last year’s list of Africa’s richest people.

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