Forbes’ Africa’s wealthiest persons; Dangote, Rabiu, Adenuga appear on the list

For the 11th year in a row, Aliko Dangote, Chairman and Chief Executive Officer of Dangote Group, has been crowned the wealthiest man in Africa by Forbes.

Dangote is worth an estimated $13.9 billion, according to Forbes’ latest survey on Africa’s wealthiest people, up from $12.1 billion last year after a 30% gain in the stock price of his most valuable company, Dangote Cement.

“A boom in home constructions in Nigeria, as well as growth in government infrastructure spending, fuelled increased demand in the first nine months of 2021,” according to Forbes analysts.

Abdulsamad Rabiu, the founder of the BUA Group and a Nigerian business tycoon, was also ranked fifth with a net worth of over $7 billion.

Rabiu made $1.5 billion after his sugar and food company BUA Foods was listed on the Nigerian Exchange Limited in early January 2022, according to Forbes. “He and his son owned 96 percent of the company, which had a market valuation of about $2.8 billion at the time.

Forbes reported that “BUA Cement, in which he and his son own a 96 percent stake, would go public in January 2020.” Meanwhile, Mike Adenuga, the founder and CEO of Globacom, ranks sixth with a net worth of $6.7 billion, just behind Rabiu.

Source Punch Newspaper
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