Home Business News Nigerians dominate Forbes' black billionaires list

Nigerians dominate Forbes’ black billionaires list

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Nigerians have dominated the latest Forbes’ list of wealthiest black billionaires in the world, with the likes of Aliko Dangote and Mike Adenuga occupying top spots.

The list has thirteen billionaires on it, most of whom are either from Nigeria or the United States of America. Specifically, Nigeria and the United States accounted for four billionaires each, while Zimbabwe, Angola, South Africa, Canada and Britain had one representative each on the list which was published on March 5th, 2019.

Nigerian Billionaires on the list

Aliko Dangote, who retained his position as the richest man in Africa, topped the list with a net worth of $10.9 billion, according to Forbes. He made his fortune from Sugar, Cement and flour production. Africa’s richest man is building an oil refinery to produce 6500,000 barrels a day when it comes on stream.

Mike Adenuga follows closely with an estimate of $9.1 billion. Adenuga is the founder and Executive Chairman of Globacom, a Nigerian mobile phone network, Conoil, one of Nigeria’s first indigenous oil exploration companies in the early 90s and Cobblestone Properties, with hundreds of prime residential and commercial property all over Nigeria.

The third Nigerian on the list is Abdul Samad Rabiu, the Founder and Executive Chairman of BUA Group. BUA Group is a Nigerian conglomerate with interests in sugar refining, cement production, real estate, steel, port concessions, manufacturing, oil gas and shipping.

Mr Rabiu was named as the continent’s 16th richest billionaire with estimated wealth of $1.6 billion. He recently merged his privately owned 1.5 million metric tonnes Kalambaina Cement Company with listed firm the 500,000 mtpa Cement Company of Northern Nigeria (CCNN), which he controlled as Chairman of the Board of Directors in a $1.1billion transaction in 2018.

Also on the list is Nigeria’s first female billionaire Folorunsho Alakija with a net worth of $1.1 billion. Alakija is the founder of Famfa Oil, a Nigerian company that owns a lucrative oil block on the Agbami deep-water oilfield in Nigeria.

Other billionaires on the list

United States: Robert Smith, $5 billion; David Steward, $3 billion; Oprah Winfrey, $2.5 billion, Michael Jordan, $1.9 billion.

Other countries: Strive Masiyiwa, $2.4 billion, Zimbabwean; Isabel Dos Santos, $2.3 billion, Angolan; Patrice Motsepe, $2.3 billion, South African; Michael Lee-Chin, $1.9 billion, Canadian and Mohammed Ibrahim, $1.1 billion, British.

Alakija of Nigeria and Oprah Winfrey of the US and Angolan investor Isabel dos Santos are the only black female billionaires in the world.

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