Forbes: Aliko Dangote Retains Africa’s Richest Man Despite Wealth Drop

, President of Dangote Group, retained his position as Africa’s richest man for the eighth consecutive year as Forbes released list of 2019 Africa’s Billionaires.

The Nigerian business magnate remained first in the list with the net worth of $10.3 billion, which was $2 billion lower than the $12.2 billion he was said to worth in 2018’s ranking.

In the second position on the list, Mike Adenuga, the Founder of ‎Globacom, with the net worth of $9.2 billion, higher that his 2018’s net worth which stands at $5.3 billion.

Nicholas F. Oppenheimer, Founder of diamond mining firm DeBeers from South Africa, came at Number three in Africa with a net worth of $7.3 billion.

From Nigeria, Abdulsamad Rabiu, Chairman of BUA Group, was ranked at 16th, with total net worth of $1.6 billion.

Folorunsho Alakija, Vice Chair of Famfa Oil was ranked 19th with total net worth of $1.1 billion.

Alajika’s net worth fell to $1.1 billion from $1.3 billion, ranking at 19th position.

“Altogether the 20 African tycoons are worth $68.7 billion, down from $75.4 billion for last year’s list. However, the average net worth for each list member this year has climbed to $3.4 billion from $3.3 billion in early 2018.”, Forbes explained.

“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 with two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe.

The three South Africans who fell off since last year’s list are Stephen Saad, founder of generics drug firm Aspen Pharmacare; Desmond Sacco, chairman of iron ore mining company Assore Group; and Christoffel Wiese, founder of retailer Pepkor and former chairman of furniture retailer Steinhoff International, which acquired Pepkor in 2015.”

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Farouk Mohammed

Farouk Mohammed is a Senior Editor at Okay Nigeria ( He has been publishing for 5 years and focused more on Local/World News on

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