The chairman and chief executive officer of the Dangote Group, Aliko Dangote, has been named the richest man in Africa for the 11th year in a row by Forbes.
According to Forbes magazine’s latest report on the richest people in Africa, Dangote is worth an estimated US$13.9 billion, up from $12.1 billion last year after a 30% increase in the stock price of his most valuable asset, Dangote Cement.
Forbes analysts attributed Dangote’s retention of the top spot to a “surge in housing development in Nigeria and growth in government infrastructure spending”, which it says drove higher demand in the first nine months of 2021.
Abdulsamad Rabiu, the Nigerian tycoon and founder of the BUA Group, placed fifth with a net worth of roughly $7 billion.
The Forbes report says that Rabiu became $1.5 billion richer after listing his sugar and food firm BUA Foods on the Nigerian Stock Exchange in early January 2022.
“He and his son retained a 96% stake in the company, which recently had a market capitalisation of nearly $2.8 billion. BUA Cement, in which he and his son have a 96% stake, listed in January 2020,” the publication said.
Meanwhile, the founder and chief executive of Globacom, Mike Adenuga, achieved a close sixth after Rabiu, with an estimated net worth of $6.7 billion.
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