Dangote's wealth dips by $2b, Adenuga's up by $3.9b

Lloyd Doyle
January 12, 2019

Tagged: Fewer Billionaires, Poorer Billionaires On African Continent In 2019, Forbes said the number of African billionaires fell to 20, down from 23 previous year, having been buffeted by plunging stock prices and weaker currencies.

Aliko Dangote at the Africa Investment Forum/Twitter.

In the last one year, Dangote's net worth dropped almost $2 billion, Forbes, said it was due to a roughly 20% dip in the stock price of Dangote Cement, his most valuable asset.

He is worth approximately $10.3 billion but lost a chunk of money - about $2 billion - when the stock price of Dangote Cement plummeted.

Despite Dangote's wealth dropping by $2bn from $12.2bn in January 2018 to $10bn in 2019, he continued to be at the top of Forbes Africa Billionaires 2019 list for the eighth consecutive time.

But Globacom Chairman Mike Adenuga Jnr, with interests in oil exploration and real estate has moved up, ranking next to Dangote as Africa's second richest man.

The American magazine said Adenuga's net worth dramatically increased from $5.3 billion to $9.2 billion. "All but four members on the list have smaller fortunes than a year ago".

Among the few on the list who are richer than a year ago is Strive Masiyiwa of Zimbabwe, worth an estimated $2.3 billion, up from $1.6 billion last year.

Another person on the list is the Founder and Executive Chairman, Famfa Oil Limited, Folorunsho Alakija. He is now worth an estimated $7.3 billion, down from $7.7 billion a year ago. The fourth dropoff is Onsi Sawiris of Egypt, who owns a stake in Netherlands-based fertilizer and chemical producer OCI N.V. All four fell off due to a decline in the stock price of their main asset.

His assets include the BUA Group, who runs and owns, and his Kalambaina Cement firm which has been merged with the publicly traded Cement Company of Northern Nigeria.

Dangote, according to Forbes magazine, was closely followed on the rich list by another Nigerian - the Chairman of Globacom, Mike Adenuga, who was ranked the second richest person in the continent, with total net worth of $9.2 billion. He lost 17.9% of his riches previous year, while Patrice Motsepe lost 4.2% when he went from $2.4 billion to $2.3 billion. Their net worth also dipped from $75.4 billion for last year's list to $68.7 billion.

Other reports by Iphone Fresh

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