Dangote’s Net Worth Rises By $1.8bn, Retains Position As Africa’s Richest Man

Nigerian billionaire businessman, Aliko Dangote, has retained the number one spot as the richest person in Africa, with a net worth of $13.9 billion.

He is $1.8 billion richer than he was last year when his net worth was estimated at $12.1 billion.

According to the 2022 Forbes annual billionaire list, the rise in his wealth can be attributed to the 30% increase in the stock price of Dangote Cement, his most valuable asset.

As Chairman and Chief Executive Officer of Dangote Group, he owns 85% of Dangote Cement which is a publicly-traded company under the Nigerian Stock Exchange.

The next Nigerian on the African Billionaire list is Abdulsamad Rabiu, who occupied the fifth position with a net worth of $7 billion. His wealth is up by $1.5 billion from last year.

Rabiu’s primary source of wealth is BUA Group, a cement, sugar, and real estate conglomerate that he founded. Of the three arms, the cement and sugar companies are the most lucrative.

He owns 98.5% of the cement arm, BUA Cement Plc, which is publicly traded under the Nigerian Stock Exchange.

The sixth on the list is Globacom’s Mike Adenuga with a net worth of $6.7 billion, up by $400 million from last year when he was worth $6.3 billion.

Adenuga is the owner of Globacom, Nigeria’s third-largest telecom company. He is also the owner of Conoil producing, an oil exploration outfit in Nigeria.

His major source of income however is Globacom which has about 55 million subscribers.

THE WHISTLER earlier reported how some Nigerian billionaires maintain their wealth.

Dangote revealed that he always invests his money rather than leaving it sitting in various bank accounts, while Rabiu said he ensures he always conducts business strategically.

Adenuga said the secret to his success is the fact that he always plays a major role in all his businesses. He also attributed his success to his ability to fully understand any business he is venturing going into.

According to the list, the richest people in the world are Tesla’s Elon Musk, Amazon’s Jeff Bezos, and fashion mogul, Bernard Arnault & family, owners of LVMH.