For the second year running, Nigerian business mogul, Aliko Dangote has topped Forbes Africa’s 40 richest list with a net worth of $ 12billion, up from $10.1 billion in November 2011.

According to Forbes, most of his net worth lies in Dangote Cement PLC, a company which operates in 14 African countries.

The list of wealthiest Africans features 12 Nigerian business tycoons including telecoms and oil magnate, Mike Adenuga, who was ranked in the 5th position with a net worth of $4.6 billion from his companies.

Former Zenith Bank’s boss, Jim Ovia, was ranked in the 19th position with a net worth of $825 million while Abdulsamad Rabiu, who heads BUA Group is ranked 21st with a net worth of $675 Million.

Folorunsho Alakija, who is one of the only two women on the list was ranked 24th with a net worth of $ 600 Million.

Mrs Alakija was amongst the notable newcomers on the list and according to Forbes, she joined the wealthy list “due to her stake in the prolific Agbami oil field.”

73 year old former Minister of Defense, Mr Theophilus Danjuma with a net worth of $600 Million was ranked at the 24th position, while the founder of Honeywell Group, Oba Otudeko, who also sits as the chairman of a number of blue-chip companies in Nigeria, was ranked 26th with a net worth of $575 Million.

At the 27th position is Mohammed Indimi with a net worth of $550 Million from the oil and gas sector, while 82 years old, O.B. Lulu-Briggs also made the list on the 31st spot with a net worth of $500 Million from the oil sector as well.

On the 37th position is Sani Bello, former Nigerian military governor from Kano state and a one-time ambassador to Zimbabwe with a net worth of $425 Million.

The last Nigerian mentioned on the list is Hakeem Belo-Osagie, the 57 year old Harvard-trained Petroleum Economist and chairman of Etisalat Nigeria, with an estimated $400 Million net worth from the oil sector.

South African, Nicky Oppenheimer, came in the second rank following Aliko Dangote for the second year running as the second richest on the continent, with a $6.4 billion fortune – down $100 million from the previous year.

According to the statement by Forbes, “South Africa, the continent’s economic giant, is home to 12 of Africa’s 40 richest, followed by Nigeria, with 11. Egypt comes next, with 8 list members, and Morocco with 5.”