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Aliko Dangote Is Still The Richest Man In Africa

Founder and Chief Executive of the Dangote Group, Aliko Dangote

Founder and Chief Executive of the Dangote Group, Aliko Dangote

For the 9th consecutive year, Aliko Dangote of Nigeria has been named the wealthiest person in Africa, with an estimated net worth of $10.1billion.

In a recent ranking of the world’s billionaires by Forbes, the American global media company, which concentrates on business, investment, technology, entrepreneurship and leadership, Aliko’s current worth is down from his estimate of $10.3 billion, a year ago, most likely because of lower stock price for his Dangote Cement flagship company, but he still maintained the number one spot.

Nassef Sawiris of Egypt is the current number two, worth $8 billion, up from $6.3 billion last year. His most valuable asset is a stake in shoemaker Adidas worth a recent $4 billion. The rise in Adidas’ share price alone added almost $1.5 billion to his fortune since January 2019.

Nigeria’s Mike Adenuga is 3rd, worth $7.7 billion. Owner of mobile phone network, GloMobile as well as oil producer Conoil and extensive real estate holdings, he had to make the list. Glo is the 3rd-largest operator in Nigeria, with 43 million subscribers while his oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta.

Speaking on the list, Forbes Africa shared this, “Our list tracks the wealth of African billionaires who reside in Africa or have their primary businesses there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen, and billionaire London resident Mohamed Al-Fayed, an Egyptian citizen. (Strive Masiyiwa, a citizen of Zimbabwe and a London resident, appears on the list due to his expansive telecom holdings in Africa; Isabel dos Santos, a citizen of Angola, has been living in Europe but retains assets in Angola—although they were recently frozen by a court in Angola.).

“We calculated net worths using stock prices and currency exchange rates from the close of business on Friday, January 10, 2020. To value privately-held businesses, we couple estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks or days of our measurement date.”

“Dangote is someone who is extremely focused and driven with a bullish passion for Africa. For him, the goal is to dream as big and as grandiose as you can when it comes to the future of Africa because he believes, we have the human capital and resources to transform our continent. Everything is possible in his mind. His approach to business is testament to this fact.”

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