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Forbes lists Dangote and Adenuga as the leading billionaires in Africa

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American magazine, Forbes, has listed the President of the Dangote Group, Aliko Dangote, and the Chairman of Globacom, Dr Mike Adenuga, as the richest Africans for 2019.

While Dangote managed to remain the richest man in Africa for the eighth consecutive time, he saw his wealth drop by $2bn from $12.2bn in January 2018 to $10bn in 2019.

Adenuga, with interests in oil exploration and real estate, moved up to be Africa’s second richest man. The shift was informed by the astronomical increase in his fortunes from $5.3bn to $9.2bn.

Another Nigerian, Abdulsamad Rabiu, The Chairman/Chief Executive Officer, BUA Group, 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.

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The Founder and Executive Chairman, Famfa Oil Limited, Mrs Folorunsho Alakija, whose net worth dropped to $1.1bn from $1.3bn, was ranked 19th. She sat on the same rank with South African banker, Michiel Le Roux.

Explaining the increase in wealth of many of the public figures, 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.”

Egypt and South Africa led the continent with five billionaires each, followed by Nigeria with four and Morocco with two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe.

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