Dangote Emerges Africa’s Richest Man For Seventh Time On Forbes 2018 List

For the seventh time in a row, Nigerian cement and commodities tycoon, Aliko Dangote has emerged richest African, with a net worth that Forbes pegs at $12.2 billion.

Aliko Dangote.

In its report, Forbes noted that Dangote is looking beyond cement and has been investing in a fertilizer production company and a large oil refinery, making his net worth up $100 million from a year ago.

Forbes analysed on its website that Africa’s billionaires are collectively wealthier than a year ago. The 23 billionaires that Forbes found in Africa, up from 21 billionaires last year, are worth a combined $75.4 billion, compared to $70 billion in January 2017.

The second richest African man on the list is diamond mining heir, Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from last year. Oppenheimer is one of 8 South Africans on the list, making it the African country with the most billionaires. Nigeria however, has three billionaires on the list.

Meanwhile, Zimbabwe gets its first billionaire this year: telecom magnate, Strive Masiyiwa, who chairs the Econet Group. Masiyiwa owns more than half of that company. He also has a majority stake in fiber optic firm Liquid Telecom, which raised $700 million in a bond offering in July 2017. Forbes estimates Masiyiwa’s net worth at $1.7 billion.

Also, just 2 of the 23 list members are women, unchanged from last year. Isabel dos Santos, the daughter of Angola’s longtime former president, Jose Eduardo dos Santos, is worth an estimated $2.7 billion this year, down from $3.2 billion a year ago. Her net worth dropped in part due to a lower value for Banco BCI, an Angolan bank.

The other woman is Nigeria’s Folorunsho Alakija, whose estimated $1.6 billion fortune lies in oil exploration firm Famfa Oil, which is partnered with Chevron and Petrobras on a lucrative offshore oil field.

Although names of notable Nigerians were dropped from the billionaires’ lists, Globacom chairman, Mike Adenuga, with a net worth of $5.3 billion was adjudged the 5th richest man in Africa and Folorunsho Alakija, whose estimated $1.6 billion fortune lies in oil exploration firm was adjudged as the 15th richest person in Africa.

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