For 11th year, Dangote named Africa richest person

CHAIRMAN and CEO of Dangote Group, Aliko Dangote, for the 11th year in a row, has been named as the richest persons in Africa, according to Forbes magazine. 

Forbes, in its 2022 list of Africa’s richest people, revealed that Dangote’s wealth jumped from $12.1 billion in 2021 to an estimated $13.9 billion. 

The increase in Dangote wealth was credited to a whooping 30 per cent increase in the stock price of Dangote Cement, his most valuable asset. 

According to Forbes, “A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021.” 

The report also disclosed that despite the global coronavirus pandemic, Africa’s wealthiest became wealthier than they were eight years ago. 

“As a group, the continent’s 18 billionaires are worth an estimated $84.9 billion –15 per cent more than 12 months ago and the largest combined tally since 2014 when there were 28 African billionaires. 

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“The average net worth is higher this year due to the current smaller number of list members,” Forbes said. 

Other Nigerian who made the influential list include Abdulsamad Rabiu and Mike Adenuga in sixth and seventh position respectively. 

Chairman of BUA Group, Abdulsamad Rabiu’s wealth, according to Forbes, increased by $1.5 billion after his companies public went public. 

Other African billionaires who made the top 10 list of Forbes richest people include Johann Rupert, Nicky Oppenheimer, Nassef Sawiris, Issad Rebrab, Naguib Sawiris, Patrice Motsepe, Koos Bekk.