Aliko Dangote remains number one richest man in Africa according to Forbes magazine

BUSINESS 29 Jan 2021
Aliko Dangote remains number one richest man in Africa according to Forbes magazine


According to a study conducted by the internationally-reputed Forbes Magazine in their January 2021 edition, the Nigerian businessman Aliko Dangote, with one of his subsidiaries in Cameroon, remains the richest man in the African continent for the 10th consecutive year in the list of African billionaires.
He is said to have stayed on top, the report states, despite a loss experienced in January this year estimated at US $900 million an equivalent stated to be FCFA 486 billion.

Aliko Dangote

The second richest business mogul in Africa was listed as an Egyptian called Nassef Sawiris who is active in the distribution and production of the Adidas brand of sportswear. In the third rank is found the South African Nicky Oppenheimer, who partly inherited the diamond company Debeers and managed the business until 2012 before selling 40% of his holdings to an Anglo-American miner for US£5 billion, an equivalent of FCFA 2754 billion.
Detailed analysis shows that the list has three Nigerians including Dangote. They are the Nigerian telecommunications giant Globacom run by Mike Adenuga who was listed in fifth position while Abdulsamad Rabiu of BUA Cement Plc was positioned sixth. Forbes declared Rabiu the biggest winner for climbing up the ladder at a fantastic rate stating that, “BUA Cement PLC, which is quoted at the Nigerian stock exchange in January 2020 doubled its share holdings at year’s end mounting Rabiu’s fortunes to an extraordinary 77% to US $5.5 billion, an equivalent of F CFA 2970 billion and that Rabiu and his son retain up to 97% of the company’s worth.
Forbes continues that South Africa and Egypt each count five businessmen in their list while Morocco follows with two persons out of a total of the 18 listed billionaires.
Aliko Dangote who is again classified as the richest man in Africa is worth US$ 12.1 billion, an equivalent of FCFA 6.534 billion with a hike of US$ 2 billion as compared to last year’s list.

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