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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.

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“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.

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.

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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.

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.

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Economy & Politics

Godwin Obaseki wins Edo State governorship election

Incumbent governor, Godwin Obaseki emerged winner in the Edo State gubernatorial election.



Oil theft gulped $1.35 billion in first six months - Obaseki 

Independent National Electoral Commission(INEC) has declared Godwin Obaseki the winner of the Edo State gubernatorial election today.

Mr. Obaseki will return as the Governor of the state for a second term.

The results were declared by INEC on Sunday afternoon after the results were counted from all LGA’s on Saturday.

Obaseki had 307,955 votes, which was enough to be declared a clear winner over Ize-Iyamu’s 223,619 votes.

Obaseki took to his Twitter handle to thank the people of Edo State for their votes. He stated,

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“Words fail me in saluting our teeming supporters who displayed immense courage in the face of threats, intimidation and brutalization. The collective will of Edo people made it possible for us to triumph over godfatherism. Congratulations to all Edo people. This is our victory!”

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Tech News

TikTok’s owner seeks $60 billion valuation in US deal as Oracle, Walmart take stakes

Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global.



Tiktok world’s most valuable startup is worth more than $100 billion

TikTok’s parent company, ByteDance is seeking a valuation of $60 billion for its video-sharing app, as Oracle Corp and Walmart Inc take stakes in the technology firm’s US operations to address the security concerns of the Trump administration.

According to a report from Bloomberg, Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that has gotten the approval of President Donald Trump.

The duo US firms would be paying a combined amount of $12 billion for their stakes if they reach an agreement with TikTok for the asking price of $60 billion.

READ: Oracle wins bid to acquire TikTok’s US operations after Microsoft offer was rejected

The final valuation had not been set as the parties worked out the equity and measures for data security.

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It was also stated that China is yet to approve the deal, although regulators are said to have expressed support for any transaction in which BtyeDance still maintains control of its valuable recommendation algorithms and other proprietary technology.

It would be recalled that President Donald Trump, had threatened to ban the ByteDance owned TikTok, over national security concerns, but which some analysts see as part of the row between US and China. This pressured ByteDance into the deal as they looked to avoid the ban by the US government.

READ: ByteDance, Tiktok’s parent company, now worth over $100 billion

The US officials had expressed concern that the personal data of as many as 100 million Americans that use the app were being passed on to the Chinese government.

ByteDance turned down the proposal of a full buyout from Microsoft Corp but rather agreed to Oracle’s offer in which the Chinese parent company will still maintain a majority stake in the technology firm.

Trump told reporters on Saturday, ‘’I approve the deal in concept. If they get it done, that’s great. If they don’t, that’s ok too.’’

READ: President Trump dumps plan to force foreign students to leave the US

Trump’s new stance appears to conflict with his earlier executive order for China’s ByteDance to divest from the video-sharing app’s operations in the United States.

ByteDance is in a race to avoid a ban on TikTok after the US Commerce Department said on Friday that it would block new downloads and updates to the app from Sunday.

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According to market researcher, CB Insights, ByteDance is the most valued private start-up in the world at $140 billion. Under the proposed deal, ByteDance may end up owning as much as 80% of TikTok Global, which include the app’s operations in the US and the rest of the world excluding China. Venture firms like Sequoia Capital and General Atlantic may also acquire equity in the new business.

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Lagos to shut Ojota’s axis of main carriage way of Ikorodu road for 3 months

The Commissioner advised all motorists to utilize alternative routes suggested during the stipulated time.



Lagos shuts Ketu-Mile 12 section of Ikorodu road, outlines alternative routes, Motorists to pay N1000 penalty at Lekki-Ikoyi Toll Plaza

The Lagos State Government has announced the shutdown of the entire length of the main carriageway of Ikorodu Road from Ojota interchange to Ojota Second Pedestrian Bridge from Monday, September 21, 2020, for a duration of 3 months.

This is development is part of the next phase ongoing rehabilitation work on Ikorodu Road which is set to commence from the Ojota Interchange to Ojota Second Pedestrian Bridge and the Service lane inbound Lagos.

READ: FG, Lagos State collaborate to address declining infrastructure in Festac Town

While making the disclosure, the Lagos State Commissioner for Transportation, Dr Frederick Oladeinde, advised all motorists to utilize alternative routes suggested during the stipulated time for the repairs following the closure of the entire length of the main carriageway for reconstruction work.

Oladeinde in his statement said, “Vehicles coming from Maryland will be diverted at Odoyalaro into the Service lane and the BRT Corridor to link back the main carriageway at Ketu bus stop and Demurin junction respectively.’’

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READ: Lagos allows cinemas, gyms, others to reopen

The commissioner gave an assurance that the Lagos State Traffic Management Authority (LASTMA) and other law enforcement agencies will be available to direct traffic for free vehicular movement during the entire period of construction work.

While soliciting for the cooperation and support of residents and motorists that ply the axis, the Commissioner stated that the project is aimed at finding a lasting solution to the ever-busy road as well as to achieve the present administration’s traffic management and transportation policy objectives.

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