Aliko Dangote, founder of the Dangote Group, has retained his position as Africa’s richest man for the eighth consecutive time, according to Forbes listing for 2018.
Dangote achieved this feat with a net worth of $10.3 billion although his wealth dipped from $12 billion.
According to the list, Telecommunication’s magnate, Mike Adenuga, is the second richest man in Africa with a $9.2 billion networth making him 800 million dollars away from gaining Dangote’s position.
Also, cement mogul Abdulsamad Rabiu ranked 16 on the list for the first time since 2015.
Rabiu is the Group Chief Executive Officer of BUA Group with his networth standing at $1.6 billion.
CEO of Famfa oil, Folorunsho Alakija’s networth currently stands at 1.1 billion after experiencing a drop in her net worth from $1.3 billion.
Another female billionaire on the list who suffered a net worth decline is Isabella dos Santos, the daughter of Angola’s former president, Jose Eduardo dos Santos.
Dos Santos’ fortune declined to an estimated $2.3 billion, down from $2.7.
The publication gave reasons for the downward turn in some billionaires fortunes saying: “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.”
Others on the list include; Nicky Oppenheimer ($7.3bn), Nassef Sawiris ($6.3bn), Johann Rupert ($5.3bn), Issa Rebrab ($3.7bn) Koos Bekker ($2.3bn), Mohammed Mansoor ($2.3bn), Strive Masiyiwa ($2.3bn) among others.