ICYMI: Dangote named ‘richest man in Africa’ — 11th consecutive time

Aliko Dangote, president of Dangote, has been named Africa’s richest person — with a net worth of $13.9 billion – up from $12.1 billion last year. 

Forbes, an American business magazine, said this in its latest report on Africa’s 2022 billionaires released on Monday.

Forbes said that the continent’s 18 billionaires were worth an estimated $84.9 billion ––a 15% increase from 2021. 

The worth is the highest value since 2014 — when 28 billionaires were worth a combined $96.5 billion.

“As a group, the continent’s 18 billionaires are worth an estimated $84.9 billion – a 15% increase from twelve months ago and the most since 2014, when a larger number of billionaires–28–were worth a combined $96.5 billion,” the report said. 

“On average, the continent’s billionaires are worth $4.7 billion now vs $3.4 billion in 2014.

“Soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products from cement to luxury goods ticked up.”

According to Forbes, the increase in Dangote’s monetary value resulted from the 30 percent increase in the stock price of Dangote Cement. 

‘“For the 11th year in a row, Alike Dangote of Nigeria is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion last year following a 30% increase in the stock price of Dangote Cement, his most valuable asset,” it added.

“A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021, analysts found. 

The report added that Abdulsamad Rabiu, chairman of BUA Group, is now worth $7 billion — $1.5 billion richer after listing BUA Foods on the Nigeria Exchange (NGX) Limited. 

Mike Adenuga followed Rabiu as the sixth richest person in Africa — third in Nigeria with a $6.7 billion fortune.

“Nigerian cement tycoon Abdulsamad Rabiu, who is $1.5 billion richer after taking yet another of his companies public,” it said. 

“In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange.

“He and his son retained a 96% stake in the company, which recently had a market capitalisation of nearly $2.8 billion. (Forbes discounts the values of stakes when the public float is less than 5%.) BUA Cement, in which he and his son have a 96% stake, listed in January 2020.”

The report noted that the fortune of two out of the 18 billionaires declined within the year.

“Only two of the 18 billionaires are worth less than last year: Koos Bekker of South Africa, who dropped to $2.7 billion from $2.8 billion as the share prices of consumer Internet firms Naspers and Prosus fell more than 20% each, and Mohammed Dewji of Tanzania, whose fortune declined to an estimated $1.5 billion from $1.6 billion a year ago due to lower multiples for publicly traded competitors,” the report said.

“The 18 billionaires from Africa, none of whom are new to the ranks, hail from seven different countries. South Africa and Egypt each have five billionaires, followed by Nigeria with three and Morocco with two.”

Forbes indicated that all of the continent’s billionaires are men after Isabel dos Santos of Angola fell off the list in January 2021.