Dangote Loses $2bn But Remains Africa's Richest Man for 8th Straight Year

Forbes releases 2019 list of Africa's richest billionaires Dangote tops it
UGC source ForbesSource UGC

According to Forbes billionaires' list released on Wednesday, Dangote's worth dropped by $2 billion, from $12.2 billion in January 2018 to $10 billion in January 2019.

Aliko Dangote, president of the Dangote group, and dr. Mike Adenuga, chairman of Globacom, are Africa's richest individuals.

Anthony Chiejina, Group Head, Corporate Communications, Dangote Industry, said that the industrialist emerged as Forbes' the continent's richest man for the first time in March 2011, with a net worth of $13.8 billion.

Also, in the American business magazine's 75-person list, Dangote clinched the second position in Africa, trailing President Abdel Fattah el-Sisi of Egypt, who was ranked 45th, both men were the only Africans on the list.

Adenuga's net worth climbed dramatically from $5.3 billion in January 2018 as a result of more detailed information provided by him about his assets.

Other South African billionaires who made it to the list include Johann Rupert, who also had the worst year, in billionaire speak, that is.

Dangote's wealth dropped from twelve billion last year, to ten billion this year. (Unitel did not respond to a request for comment.) Nigeria's Alakija owns a stake in one of the most productive oil fields in Nigeria, now operated by Chevron.

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. "All but four members on the list have smaller fortunes than a year ago". He now owns 97% of the entity.

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. Her net worth dropped due a decline in the value of the oil field, in part because its production has leveled off.

In 2015, Dangote's net worth stood at $25 billion, but reduced by about $15 billion three years after.

He is followed closely - if one can use that word when discussing billions - by Nigeria's Mike Adenuga, the founder of Globacom and Conoil Producing. 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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