Connect with us
Stanbic IBTC
Fidelity ads

Business News

Nigerians occupy top spots on Forbes Magazine’s wealthiest African billionaires’ list

Forbes Magazine has published its 2018 list of Africa’s richest billionaires. And as always, the list is consisted of regular names.



Africa's wealthiest billionaires

Forbes Magazine has published its 2018 list of Africa’s wealthiest billionaires. And as always, the list is consisted of regular names.

With a net worth of $10 billion, Alhaji Aliko Dangote of Dangote Industries Limited, topped the list to emerge Africa’s wealthiest billionaire for the eight consecutive year.

Sixty-one year old Aliko Dangote makes his money from his many companies which are specialised in the production and merchandising of both consumer and industrial goods such as sugar, flour, and cement.

According to the ranking, Aliko Dangote is followed closely by Globacom’s Mike Adenuga. The sixty-five-year-old businessman is worth a total net worth of $9.2 billion after his wealth increased tremendously from $5.3 billion. At this rate, he is now $800 million less rich than Dangote.

Note that unlike Adenuga whose net worth increased by nearly $4 billion, Aliko Dangote lost $2 billion since the last ranking.

“Adenuga, Nigeria’s second richest man, built his fortune in telecom and oil production. His mobile phone network, Globacom, is the third largest operator in Nigeria, with 43 million subscribers. His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta. Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. He made his first million at age 26 selling lace and distributing soft drinks.” -Adenuga

Here are the other billionaires on the list

South Africa’s Nicky Oppenheimer is the third wealthiest billionaire in Africa according to Forbes Magazine. He is worth $7.3 billion, money he and his family has mostly earned from diamond trades.

The fourth wealthiest African according to Forbes is fifty-seven-year-old Egyptian billionaire, Nassef Sawiris. He is $6.3 billion, money he has mostly earned his construction and chemicals business.

On the fifth position is South Africa’s Johann Rupert who is worth $5.3 billion. He is sixty-eight years old and a specialist in luxury goods.

Algerian businessman and the CEO of Cevital Industrial Group, Issad Rebrab, is the sixth wealthiest African billionaire in 2019. The seventy-five year old tycoon is worth $3.7 billion. He has made most of his money from various businesses in different sectors such as food, steel, and electronics.

Naguib Sawiris of Egypt is number seven on the list. According to Forbes, he is worth $2.9 billion. The sixty-four-year-old makes a bulk of his money from his telecoms business.

With a net worth of $2.3 billion, sixty-six-year-old South African businessman, Koos Bekker, is the eighth wealthiest African billionaire in 2019.

Next on the list is Angola’s Isabel dos Santos who is worth $2.3 billion. She is the wealthiest African billionaire, a position she has held on to for some years now. The woman is forty-five years, and supposedly makes her money from “investments”.

Also worth $2.3 billion is seventy-year-old Egyptian, Mohammed Mansour. The former politician makes a bulk of his earnings through his diversified business operations.

bitcoin train

Fifty-seven year old Strive Masiyiwa of Zimbabwe also has a net worth of $2.3 billion. He has made a bulk of that money from his telecoms business.


Fifty-six year old South African, Patrice Motsepe, is also worth $2.3 billion. He is a mining expert.

Note that five billionaires occupy the eight position according to the latest Forbes ranking.

Jaiz bank ads

Other top billionaires are: 

  • Fifty-eight year old Moroccan businessman, Aziz Akhannouch: $2.1 billion.
  • Forty-three year old Tanzanian, Mohammed Dewji: $1.9 billion
  • Eighty-six year old Moroccan, Othman Benjelloun: $1.7 billion
  • Fifty-eight year old Nigerian, Abdulsamad Rabiu: $1.6 billion
  • Fifty-seven year old Egyptian, Yassen Mansour: $1.5 billion
  • Seventy-three year old Egyptian, Youssef Mansour: $1.2 billion
  • Sixty-eight year old Nigerian, Folorunsho Alakija: $1.1 billion
  • Sixty-nine year old South African, Michiel Le Roux: $1.1 billion

Quick points to note 

According to this latest Forbes ranking of Africa’s top billionaires, there four Nigerians on the list. There are more South African billionaires than any other country, followed by Egyptians.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Hospitality & Travel

MMA2 imports new x-ray machines from US

MMA2, Lagos took delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities.



The Murtala Muhammed Airport, Terminal 2, Lagos has taken delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities on Friday.

This was disclosed by the Group Corporate Affairs Manager of BASL, operator of MMA2, Mikail Mumuni, in a statement on Friday.

He said, “The equipment imported from the US arrived the Murtala Muhammed International Airport, Lagos Wednesday night from where they were later moved to MMA2.

”Installation of the x-ray machines and air conditioners will commence on Friday evening and that this would be completed within one week.”

The BASL spokesperson quoted the acting Head of Business of the company, Mr. Ralph Uchegbu as saying that “the installation of the new X-ray machines and air conditionals will further reinforce the status of MMA2 as the nation’s pre-eminent airport terminal in terms of customers security and comfort.”

What you should know

  • BASL recently announced that it had invested over $500,000 massive upgrading of its X-ray machines and air conditioning systems for passengers safety, security and comfort.

Continue Reading

Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.



The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit

Continue Reading


Nairametrics | Company Earnings