Adenuga’s wealth on the rise as Dangote remains Africa’s richest man

Mike Adenuga, chairman of Globacom, a telecommunication company in Nigeria, has seen his wealth grow to $7.3 billion from $6.1 billion in 2021.

The 68-year-old business tycoon is the second richest African and No 345 globally.

In 2021, Adenuga’s fortune dropped from $7 billion in 2020 to $6.3 billion as the COVID-19 pandemic impacted businesses.

Forbes said this in its 36th annual ranking of the planet’s richest people titled “war, pandemic and sluggish markets hit the world’s billionaires”.

Aliko Dangote, chairman of Dangote Cement, maintained his top position as the richest man in Africa — for the 11th consecutive time — with a net worth of $14 billion from $12.1 billion last year and $10.1 billion in 2020.

Abdulsamad Rabiu, chairman of BUA Group, also recorded an increase in his fortune with a net worth of $6.8 billion from $5.5 billion in 2021 and $3.1 billion in 2020.

Folorunso Alakija’s fortune is still below $1 billion due to uncertainties in the global oil market, per Forbe’s latest report.

According to the magazine, there are 2,668 of the richest people on earth in 2022 — seven fewer than a year ago with a collective wealth of $12.7 trillion – $400 billion less than in 2021.

“The most dramatic drops have occurred in Russia, where there are 34 fewer billionaires than last year following Vladimir Putin’s invasion of Ukraine, and China, where a government crackdown on tech companies has led to 87 fewer Chinese billionaires on the list,” the report reads.

“Still, Forbes found more than 1,000 billionaires who are richer than they were a year ago. And 236 newcomers have become billionaires over the past year — including the first ever from Barbados, Bulgaria, Estonia and Uruguay. America still leads the world, with 735 billionaires worth a collective $4.7 trillion, including Elon Musk, who tops the World’s Billionaires list for the first time.

“China (including Macau and Hong Kong) remains number two, with 607 billionaires worth a collective $2.3 trillion.”

Forbes said it used stock prices and exchange rates from March 11, 2022, to calculate net worths.