Forbes Magazine has released the 2020 version of its annual richest African billionaires ranking. The list has four Nigerians, including Alhaji Aliko Dangote who occupied the top spot.
Aliko Dangote: According to the latest ranking, Dangote’s net worth is now estimated at $10.1 billion. The sixty-two-year-old industrialist occupied the top spot in 2019, with an estimated net worth of $10 billion.
Dangote amassed his net worth through a string of business ventures, including his cement company and sugar refinery which are both listed on the Nigerian Stock Exchange. He is now building what has been adjudged the largest refinery in the world – the Dangote Refinery – which is expected to further boost his wealth once it becomes operational.
Mike Adenuga: Dangote is followed closely by Globacom’s Mike Adenuga who took the third spot. Mr Adenuga has an estimated net worth of $7.7 billion according to Forbes. This marks a significant reduction from the $9.2 billion he was estimated to have been worth last year. Little wonder his ranking had dropped from the number two position in 2019 to number three this year.
The sixty-six-year-old billionaire amassed his wealth through ventures in telecommunications and oil and gas. His telecommunications outfit – Globacom Nigeria – is one of the top players in the field.
Abudulsamad Rabiu: This Nigerian billionaire and Chairman of BUA Group has an estimated net worth of $3.1 billion in 2020. This marks a rise from last year’s estimate of $1.6 billion. To this end, the billionaire was ranked the 8th richest person in Africa. He amassed most of his money through his cement manufacturing business and other ventures.
Folorunsho Alakija: Mrs Alakija occupied the 20th position in this year’s African billionaires ranking. According to Forbes, she has an estimated net worth of $1 billion. She had amassed her wealth through her oil and gas ventures.
Note that these are the only Nigerians on the 2020 Forbes richest African billionaires list. They were the only Nigerians on the list in 2019. Aliko Dangote has been topping the list over the last nine years.
It should also be noted that only eight African countries were captured in the list because the rest do not have dollar billionaires in the meantime.
South Africa and Egypt have the most billionaires represented on the list, with five each. This is followed by Nigeria which had four billionaires represented, and then Morroco with two billionaires.
You may view the latest ranking by clicking here.
Dangote’s net worth declines by $1.2 billion in February
Africa’s richest man, Aliko Dangote lost $1.2 billion of his estimated net worth.
Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries, has seen his net worth decline by a whopping $1.20 billion in the month of February alone.
Africa’s richest man whose wealth peaked at $18.4 billion this year, saw his wealth declined by $1.20 billion, to $16.6 billion from $17.8 billion recorded on the 31st of January 2021, data retrieved from Bloomberg Billionaire Index reveals.
Source: Bloomberg Billionaire Index
The fall in Dangote’s net worth is partly attributable to the decline in the share price of his flagship company, Dangote Cement Plc (DCP), as well as the share price of his integrated sugar business, Dangote Sugar Refinery Plc (DSR).
The decline in the share price of these companies which impacted their market capitalization was occasioned by profit-taking activities by investors in February, across the market spectrum.
Facts about Dangote’s networth valuation
The majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.
He holds stakes in Nascon Allied Industries and United Bank for Africa, directly and through Dangote Industries, a conglomerate that also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.
Dangote’s most valuable closely held asset is his fertilizer plant with a capacity to produce up to 2.8MT of urea annually. The $2.5 billion fertilizer plant owned by Africa’s richest man Aliko Dangote, is expected to commence operation in the first quarter of 2021.
The billionaire also owns a $12 billion oil refinery which is expected to be completed this year. However, the plant is not included in his net worth valuation, for some reason.
What you should know
- The shares of Dangote Cement at the close trading activities for the month of February declined by 6.78%, extending the YTD loss on the shares of the cement behemoth to over 10%.
- On the flip side, shares of Dangote Sugar Refinery also declined by 15.29% to close the month lower at N18 per share, thus correcting the YTD gains of its shares to 2.27%.
Battle of Titans: Elon Musk, Jeff Bezos share world’s richest title
Stiff competition prevails as both Jeff Bezos and Elon Musk share the world’s richest title.
The battle for the worlds richest has suddenly become so intense that both Elon Musk and Jeff Bezos both share the world’s richest man title on the account they both have a net worth of $184 billion.
Bezos, the man behind the world’s most valuable retail company, Amazon, has steadily been seeing his wealth valuation appreciate amid high market volatility currently prevailing at global financial markets.
The 49-year-old self-made billionaire, Elon Musk is sharing, the world’s richest when recent data revealed Tesla recorded impressive gains of about $9.75 at the end of Monday’s trading session.
Investors are currently increasing their buying pressure on Tesla as they weigh reports that the electric vehicle industry is expected to grow into a $5 trillion market over the next decade, thereby giving the world’s most valuable car company room for more upside.
It’s important to note that both mega billionaires have in recent times focused their considerable brainpower on space technology as Bezos recently accelerated his space-travel efforts through his firm popularly known as Blue Origin.
Recent reports suggest SpaceX founded by Musk raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.
Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
Bezos who is now the Chairman of the $1.58 trillion valued company, Amazon has about $9.63 billion cash in the bank.
The online retail giant returns have under his tenure as the chief executive officer of the e-commerce giant actually ranked second among all S&P stocks since the IPO in May 1997.
The 57-year-old billionaire is the founder of Amazon, the world’s biggest online retailer company on earth. The American-based company sells books, household goods, and other retail products through its flagship platform.
His company also controls the Whole Foods grocery chain and offers video streaming services and remains the biggest cloud computing provider worldwide.
That being said, both Elon Musk and Jeff Bezos’s wealth valuation would currently buy 107 million troy ounces of gold or 2.91 billion barrels of crude oil.
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