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Business News of Tuesday, 17 January 2023


Dangote still Africa’s richest - Report

Aliko Dangote Aliko Dangote

Aliko Dangote, Abdul Samad Rabiu and Mike Adenuga are the three Nigerians that made Forbes annual exclusive billionaires ranking released yesterday.

With a net worth of $13.6 billion, Aliko Dangote continues to hold on to the title of the World’s Richest Black Person.

Chairman of Globacom, Mike Adenuga, was ranked third in Nigeria with a fortune of $5.7 billion. He was replaced as the second richest man in Nigeria by Abdul Samad Rabiu, who now has a fortune of $7.4 billion.

According to Forbes, only seven of the 54 countries in Africa are home to billionaires on the list of world billionaires. There are six billionaires in Egypt, five in South Africa, three in Nigeria, two in Morocco, and one each in Zimbabwe, Algeria, and Tanzania.

Of the three Nigerians on this year’s Forbes list, only Rabiu of BUA saw an increase in his fortunes from the previous year. The significant increase in shares of his publicly traded companies, BUA Cement Plc and BUA Foods Plc, was the source of the significant increase. Recall that his wealth increased from $4.9 billion to $7 billion in just 48 hours after BUA Foods Plc was listed on the Nigerian Exchange on January 5, 2022.