Nigeria’s Dangote ranked Africa’s richest man for the 11th consecutive year
An American business magazine, Forbes, has ranked Nigerian billionaire industrialist, Aliko Dangote, as the richest man in Africa for the eleventh consecutive year.
Second to Dangote was South Africa’s luxury goods magnate, Johann Rupert.
Two other Nigerians on the list included Abdulsamad Rabiu (5th) and Mike Adenuga (6th).
The magazine disclosed the latest African billionaires ranking while announcing its 2022 list of Africa’s richest people on its website.
It wrote, “For the 11th year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion last year following a 30% increase in the stock price of Dangote Cement, his most valuable asset.
“A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021, analysts found.
According to Forbes, Mr. Rabiu recorded one of the largest wealth increases from the previous year’s list.
“Nigerian cement tycoon Abdulsamad Rabiu, who is $1.5 billion richer after taking yet another of his companies public.
“In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange. He and his son retained a 96% stake in the company, which recently had a market capitalization of nearly $2.8 billion.
“(Forbes discounts the values of stakes when the public float is less than 5%.) BUA Cement, in which he and his son have a 96% stake, listed in January 2020,” it said.
No female made the Forbes billionaire latest ranking list.
Periscope International reports that Forbes is renowned for tracking the wealth of billionaires across the world.
