Business

Dangote still Africa’s richest for seventh year in a row

Dangote Cement invests $3bn on plants, grinding terminals in Q2
By Editor

The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has again, for the seventh year in a row, been pronounced the richest man in Africa with a net worth of $12.2 billion for 2017.

According to Forbes, the 2017 net worth had an increase of $100 million from the previous year’s worth.

Globally, Bill Gates remains the richest with a net worth of $86 billion, while Warren Buffet and Jeff Bezos were second and third respectively, with net worth of $75.6 billion and $72.8 billion.

Forbes said, “Dangote is looking beyond cement – his most valuable asset – and has been investing in a fertiliser production company and a large oil refinery. Dangote Fertiliser is expected to start operations in the second quarter of this year.”

Recently, Dangote emerged as the only African that was selected among Bloomberg’s world 50 best persons in the year 2017.

Other Nigerian billionaires who made the list were Globacom chairman, Mike Adenuga, he had a net worth of $5.8 billion and was adjudged the fifth richest man in Africa; Folorunsho Alakija, had estimated $1.6 billion fortune in oil exploration, adjudged as the 15th richest person on the continent.

Meanwhile, number two on the list of Africa’s richest people is diamond mining heir, Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from last year. Oppenheimer is one of eight South Africans on the list, making it the country with the most billionaires in Africa. Nigeria has three.

In 2016, South Africa and Egypt tied with six billionaires each. Boosting the South African ranks in the latest ranking is a newcomer, Michiel Le Roux, the founder and former chairman of Johannesburg-listed Capitec Bank Holdings, whose stock has climbed more than 50 per cent in the past year, making him worth $1.2 billion.

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South African mining tycoon, Desmond Sacco, chairman of the Assore Group, returns to the list following a stock price surge of some 60 per cent in the past 12 months. Sacco last appeared as a billionaire on the Africa’s richest list in 2012 with a $1.4 billion fortune.

Zimbabwe gets its first billionaire in 2017 as telecom magnate, Strive Masiyiwa, who chairs the Econet Group, got on the list. Shares of Zimbabwe-listed mobile phone network Econet Wireless Zimbabwe have surged in value over the past year; Masiyiwa owns more than half of that company. He also has a majority stake in fibre optic firm, Liquid Telecom, which raised $700 million in a bond offering in July 2017. Forbes estimates Masiyiwa’s net worth at $1.7 billion.

Two of the 23 listed African billionaires are women, unchanged from 2016. Isabel dos Santos, the daughter of Angola’s former President, Jose Santos, is worth an estimated $2.7 billion, down from $3.2 billion in 2016, according to Forbes. Her net worth dropped in part due to a lower value for Banco BCI, as its book value plunged in 2016 amid a tough year for the oil- producing country.

 

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