News
For 11th year in a row, Dangote is Africa’s richest man
Businessman Aliko Dangote has retained his position as the richest man in Africa, according to Forbes.
Forbes, an American business magazine, is renowned for tracking the wealth of billionaires across the world.
“For the 11th year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion last year following a 30% increase in the stock price of Dangote Cement, his most valuable asset,” the magazine said in a web post published on Monday announcing its 2022 list of Africa’s richest people.
“A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021, analysts found.”
Second to Dangote was South Africa’s luxury goods magnate, Johann Rupert.
READ ALSO: Bitcoin ‘creator’, Craig Wright, wins $54bn BTC ownership case, becomes 26th richest man
Two other Nigerians on the list included Abdulsamad Rabiu (5th) and Mike Adenuga (6th).
Forbes said Mr. Rabiu recorded one of the largest wealth increases from the previous year’s list.
“Nigerian cement tycoon Abdulsamad Rabiu, who is $1.5 billion richer after taking yet another of his companies public.”
“In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange. He and his son retained a 96% stake in the company, which recently had a market capitalization of nearly $2.8 billion.”
“ (Forbes discounts the values of stakes when the public float is less than 5%.) BUA Cement, in which he and his son have a 96% stake, listed in January 2020,” the report said.
No female made the Forbes billionaire list for 2021.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...