With only four Nigerians, Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu and Folorunsho Alakija making the highly coveted list, Forbes recently released its annual exclusive ranking of billionaires.
Among the four, Dangote Group president Aliko Dangote held his position as the richest black person in the world with a fortune of 10.1 billion USD. Globacom Chairman Mike Adenuga ranked second in Nigeria and third in Africa with a fortune of USD 7.7 billion, while BUA Group’s Abdul Samad Rabiu ranked third in Nigeria and 8th in Africa with a fortune of USD 3.13 billion–moving up 8 positions from last year’s ranking. Famfa Oil’s Folorunsho Alakija completes Nigeria’s Forbes Millionaires list with a fortune of $1bn coming in at #20 in Africa.
Of the four Nigerians on the Forbes list this year, only Abdul Samad Rabiu of BUA saw an improvement in his fortunes as compared to the previous year. In January, Abdul Samad combined his Obu Cement Company with Northern Nigeria’s publicly listed Cement Company (CCNN) where he had ownership of shares. The new entity listed on the Nigeria Stock Exchange as BUA Cement Plc became the third largest firm on the exchange with market capitalisation of N1.18 trillion.
Just eight of Africa’s 54 nations have billionaires on the Global Millionaires list, according to Forbes. Egypt and South Africa are tied with five billionaires each, four in Nigeria; two in Morocco, one in Zimbabwe and one in Tanzania. In the ranking, the 20 richest people in Africa are poorer in 2019 compared to 2018 with a combined value of $73.4bn.
The magazine said the list was generated after the net worth of the billionaires was calculated on Friday, January 10, 2020, using stock prices and currency exchange rates from the close of business. “They blend forecasts of revenue or income with existing price-to-sales or price-to-earnings ratios for similar public corporations to measure private-owned businesses. Some members of the list grow richer or worse within weeks or days of our measurement date. “Forbes statement added further. The current list shows that Egypt’s Nassef Sawiris took second place in Africa with his fortunes rising from $6.3 billion to $8 billion.
Others on the African list are: Nicky Oppenheimer $7.7bn; Johann Rupert $6.5bn; Issad Rebrab $4.4bn; Mohamed Mansour $3.3bn; Naguib Sawiris $3bn; Patrice Motsepe $2.6bn; Koos Bekker $2.5bn; Yasseen Mansour $2.3bn; Isabel dos Santos $2.2bn; Youssef Mansour $1.9bn; Aziz Akhannouch $1.7bn; Mohammed Dewji $1.6bn;