Forbes releases the 2018 list of Africa’s richest billionaires



The number of African billionaires has shrunk to just 20, down from 23 a year ago. .


For the eighth year in a row, Aliko Dangote of Nigeria is Africa’s richest person. His estimated $10.3 billion net worth, however, is nearly $2 billion less than a year ago, primarily due to a roughly 20% drop in the stock price of Dangote Cement, his most valuable asset.

The continent’s second richest is Mike Adenuga, also of Nigeria, worth an estimated $9.2 billion. .

Adenuga owns Globacom, which is Nigeria’s third-largest mobile phone network, plus oil exploration firm Conoil Producing, extensive real estate holdings in Nigeria and a network of 12,000 cellphone towers. .

His net worth has climbed dramatically from $5.3 billion in January 2018 as a result of more detailed information provided by him about his assets.


In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two. .

Nigerian cement mogul Abdulsamad Rabiu, who runs and owns the BUA Group, returns to the list for the first time since 2015. .

He merged his Kalambaina Cement firm into publicly traded Cement Company of Northern Nigeria, which he controlled, in late 2018. Rabiu now owns 97% of the list entity. .

Kalambaina, which operates a new cement production facility, started selling cement in mid-2018. Separately, Rabiu’s OBU Cement recently expanded its operations, adding a new production line.


Nigeria’s Alakija owns a stake in one of the most productive oil fields in Nigeria, currently operated by Chevron. Her net worth dropped due a decline in the value of the oil field, in part because its production has leveled off.


Altogether the 20 African tycoons are worth $68.7 billion, down from $75.4 billion for last year’s list. However, the average net worth for each list member this year has climbed to $3.4 billion from $3.3 billion in early 2018. 📷: Forbes

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