Dangote, Adenuga, Others Make Forbes List

DangotePresident of Dangote Group, Aliko Dangote, has maintained his number one position as Africa’s richest man for a fifth year in a row by Forbes magazine.

Dangote leads with a net worth of 16.7 billion dollars and that is after losing nearly 5 billion dollars in one year, owing to a drop in the stock price of Dangote Cement and a pressured naira.

Others on the list are Chairman of Globacom, Mike Adenuga, who came in seventh position. Business woman and the only female from Nigeria on the list, Mrs Folorunsho Alakija, came in at 13th while Forte Oil Chairman, Femi Otedola was 16th.

Also, Founder of Bua Group, Abdulsamad Rabiu is 23rd, while former Defence Minister, Theophilus Danjuma is number 30 and Chairman of Heirs Holdings, Tony Elumelu came in at 31.

Other Nigerians on the list are Jim Ovia, Mohammed Indimi and Orji Uzor Kalu who took the 37th, 39th and 49th spot respectively.

Nigerians who dropped off the list are Chairman of Etisalat Nigeria, Hakeem Bello Osagie, CEO of Yinka Folawiyo Group, Tunde Folawiyo, and Oba Otudeko of Honeywell Group.

Forbes compiles the list by calculating net worth using stock prices, currency exchange rates, estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies.

Dangote’s $ 12billion tops Forbes list of Africa’s wealthiest

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.”