Dangote’s Wealth Rises By $1.8bn, Named Africa’s Richest Man For 11th Consecutive Time

The wealth of the Chairman and Chief Executive Officer of Dangote Group, Aliko Dangote, rose by $1.8bn in the 2021 fiscal period making him to retain his position as the richest man in Africa for the 11th year in a row by Forbes.

Forbes in its latest report on the richest people in Africa, put Dangote’s wealth at $13.9bn.

It said this is an increase of 30 per cent when compared to the $12.1bn which it was in 2020, adding that this was as a result of rise in the stock price of his most valuable asset, Dangote Cement.

Forbes analysts attributed Dangote’s retention of the top spot to the “surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021.”
Also, Nigerian businessman and founder of the BUA Group, Abdulsamad Rabiu, came in fifth with $7bn net worth.

Rabiu, according to the Forbes report became $1.5bn richer after listing his sugar and food firm BUA Foods on the Nigerian Exchange Limited in early January 2022.

“He and his son retained a 96 per cent stake in the company, which recently had a market capitalization of nearly $2.8bn. BUA Cement, in which he and his son have a 96% stake, listed in January 2020,” Forbes stated.

Meanwhile, Founder and CEO of Globacom, Mike Adenuga, comes in a close sixth after Rabiu with an estimated net worth of $6.7bn.

Adenuga built his fortune in telecom and oil production. His mobile phone network, Globacom, is the third largest operator in Nigeria, with 55 million subscribers.
His oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta. Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. He made his first million at age 26 selling lace and distributing soft drinks.