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ECONOMY: DANGOTE’S WEALTH DROP BY $2BN, ADENUGA’S INCREASE BY $3.9BN – FORBES

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President, Dangote Group, Alhaji Aliko Dangote retained his Africa’s richest man place for the eighth consecutive time though his wealth dipped by $2 billion from $12.2 billion in January 2018 to $10 billion this 12 months, Forbes’ Africa Billionaires List launched yesterday confirmed.

The Chairman of Globacom with pursuits in oil exploration and precise property, Dr Mike Adenuga Jnr moved as a lot as be Africa’s second richest man.

The United States (U.S.) journal said Adenuga’s internet worth elevated tremendously from $5.Three billion to $9.2 billion on account of he provided further detailed particulars about his property.

Also, the Chief Executive Officer of BUA Group, Alhaji Abdulsamad Rabiu, featured on the guidelines for the first time since 2015.
The merger between Rabiu’s Kalambaina Cement company with Cement Company of Northern Nigeria, which he managed, in December 2018 was formally consummated in Sokoto earlier this week.

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He now owns 97 per cent of the entity.
Kalambaina, which operates a model new cement manufacturing facility, started selling cement in mid-last 12 months merely as Rabiu’s OBU Cement has expanded its operations, together with a model new manufacturing line.

Mrs Folorunsho Alakija, whose internet worth dropped to $1.1 billion from $1.Three billion, was ranked 19th. She is vice chair, Famfa Oil, an indigenous oil exploration agency with a stake in Agbami Oilfield, a prolific offshore asset. Famfa Oil’s companions embrace Chevron and Petrobras.

Alakija’s first agency was a pattern label whose prospects included the partner of former navy President Ibrahim Babangida.

The Federal Government awarded Alakija’s agency an oil prospecting license in 1993, which was later remodeled to an oil mining lease.

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Alakija’s ranking was in a tie with South African banker, Michiel Le Roux.

Forbes blamed plunging stock values and weaker currencies for the shrinking inside the billionaires membership in Africa.

It said: “Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to solely 20, down from 23 a 12 months previously.

“Four people fell off Forbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago.”

In a per nation ranking, Egypt and South Africa are tied with 5 billionaires each, adopted by Nigeria with four and Morocco- two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe.

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