…still Africa’s richest man
Lasun Alagbe
Although popular billionaire, Alhaji Aliko Dangote, is still Africa’s richest man, 2018 was a tough year for him.
It was a year he lost a whooping $2bn – some N730bn – due to vagaries in the stock market and other upheavals in the economy.
The President of Dangote Group saw his wealth drop by $2bn from $12.2bn in January 2018 to $10bn in 2019.
According to a report released by Forbes on Wednesday, one-time Africa’s richest woman, Folorunsho Alakija, also lost part of her fortune in 2018.
The Chairman of Fanfa Oil had her net worth drop to $1.1bn from $1.3bn.
She is ranked 19th.
It was, however, a year of bountiful harvest for Globacom boss, Dr Mike Adenuga, who is now Africa’s second richest man.
Forbes, on Wednesday, said Adenuga’s net worth dramatically increased from $5.3bn to $9.2bn because he provided more detailed information about his assets.
The Chairman/Chief Executive Officer, BUA Group, Abdulsamad Rabiu, featured on the list for the first time since 2015.
Rabiu’s Kalambaina Cement Company Limited merged with Cement Company of Northern Nigeria, which he controlled, in December 2018. He now owns 97 per cent of the entity.
The rank was a tie with South African banker, Michiel Le Roux.
Commenting on the reduced net worth of the personalities, Forbes said, “Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago.
“Four people fell off Forbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago.”
In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe.
