Forbes: Dangote’s wealth dips by $2b, Adenuga‘s up by $3.9b

President, Dangote Group, Alhaji Aliko Dangote retained his
Africa’s richest man position for the eighth consecutive time
though his wealth dipped by $2 billion from $12.2 billion in
January 2018 to $10 billion this year, Forbes’ Africa Billionaires
List released yesterday showed.

The Chairman of Globacom with interests in oil exploration and
real estate, Dr Mike Adenuga Jnr moved up to be Africa’s second
richest man.

The United States (U.S.) magazine said Adenuga’s net worth
increased tremendously from $5.3 billion to $9.2 billion because he
provided more detailed information about his assets.

Also, the Chief Executive Officer of BUA Group, Alhaji
Abdulsamad Rabiu, featured on the list for the first time since
2015.

The merger between Rabiu’s Kalambaina Cement firm with Cement
Company of Northern Nigeria, which he controlled, in December 2018
was formally consummated in Sokoto earlier this week. He now owns
97 per cent of the entity.

Kalambaina, which operates a new cement production facility,
started selling cement in mid-last year just as Rabiu’s OBU Cement
has expanded its operations, adding a new production line.

Mrs Folorunsho Alakija, whose net worth dropped to $1.1 billion
from $1.3 billion, was ranked 19th. She is vice chair, Famfa Oil,
an indigenous oil exploration company with a stake in Agbami
Oilfield, a prolific offshore asset. Famfa Oil’s partners include
Chevron and Petrobras.

Alakija’s first company was a fashion label whose customers
included the wife of former military President Ibrahim
Babangida.

The Federal Government awarded Alakija’s company an oil
prospecting license in 1993, which was later converted to an oil
mining lease.

Alakija’s ranking was in a tie with South African banker,
Michiel Le Roux.

Forbes blamed plunging stock values and weaker currencies for
the shrinking in the billionaires club in Africa.

It 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-
two. Forbes found one billionaire each from Algeria, Angola,
Tanzania and Zimbabwe.