Africa’s richest man and president of the Dangote Group, Aliko Dangote, has urged African leaders to invest in local businesses, citing it as the ultimate move for development and liberation from underdevelopment.
During a Fireside Chat at the 32nd Afreximbank Annual Meetings held in Abuja, Nigeria, on Friday, June 28, he warned against total dependence on foreign investors to develop businesses within the continent.
Acknowledging the impact of these foreign investors on our local industries, he highlighted that the interest of these foreigners would remain paramount instead of the growth of local business and the various economies in Africa.
“It is local businesses that will bring the real development, not foreign investors. They [foreign investors] come with capital, yes, but also with their own interests,” Dangote said, igniting a rousing applause from the audience.
He added that “true economic independence comes when we, as Africans, build and grow our own industries.”
Dangote cautioned African leaders against prioritise foreign companies over indigenous companies. “It is time for Africa to embrace an ‘Africa First’ philosophy, leveraging the continent’s vast natural and human resources to fuel homegrown prosperity,” he stated.
Citing himself as an example, he admonished that, “If I can do it, others can too.” Dangote Group which started as a modest trading firm has become one of the continent’s most powerful industrial empires.
Dangote, whose conglomerate spans cement, sugar, salt, and oil refining, urged African leaders to create an enabling environment for local businesses to thrive.
“But they need support from the government and belief from the people,” he continued.
The remarks come amid ongoing debates about the role of foreign direct investment (FDI) in African economies.
While FDI is often touted as a sign of confidence in emerging markets, critics argue that it can sometimes sideline local players and lead to profit repatriation with little long-term benefit to host countries.
Several business leaders, such as Tony Elumelu, Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, Ghana’s Finance Minister Dr. Cassiel Ato Forson, and Professor Jeffrey Sachs of Columbia University, present, supported Dangote’s sentiments, calling for stronger collaboration among local entrepreneurs and stressing the need for investment in African talent, innovation, and production.
To create an enabling environment for businesses to thrive in Africa, governments must address the issue of high inflation, interest rate, currency depreciation, excessive business taxes (import and export taxes), among others.
The Dangote refinery is scheduled to meet with the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Tuesday to address a key issue that has drawn the attention of concerned Nigerians.
The discussions will focus on the potential for lowering Dangote’s fuel prices compared to the current market rates across the country.
Both IPMAN and the Dangote refinery are expected to finalize agreements regarding the cost of lifting petrol from the refinery, with IPMAN expressing optimism that this could help stabilize and improve the efficiency of Nigeria’s fuel supply chain.
This follows the government’s decision to allow Dangote refinery and marketers the flexibility to set their own fuel prices.
Just last week, the Nigerian National Petroleum Company Limited (NNPC) withdrew from managing the operations of the Dangote refinery, enabling market forces to influence fuel pricing.
According to Punch newspaper, IPMAN’s National Publicity Secretary, Chinedu Ukadike, provided an update on Sunday, stating that IPMAN is eager to establish a positive working relationship with the Dangote refinery and is seeking a meeting with the refinery’s executives for further discussions.
“We hope to sit down with Dangote maybe Tuesday or Wednesday and if they give us a template or price, we will move to Dangote. I want to reassure you that we have all it takes to off-take whatever Dangote will give to us. I don’t know why they are dragging their legs to discuss with marketers, maybe it is politics,” the publicity secretary stated.
“The more we take action in terms of distribution lines, the price will come down, we are not afraid of this competition, we have organized ourselves and are ready to compete because this is the survival of the fittest,” he added.
Petrol pricing
In response to a question about the future price of petrol, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), suggested that the price could decrease to N700.
At present, petrol prices in Nigeria range between N1000 and N1500, following a recent spike in costs.
“The price can be knocked down to N700/litre; it depends on the volatility of the market and this does not always mean upward prices, it could also mean prices coming down,” the PETROAN boss stated.
“If we have massive supply and there are a lot of products in Nigeria, obviously everybody will be looking for just minimal profit. Our business is focused on turnover, so people may cut prices down,” he added.
Last week, it was reported that fuel stations owned by independent marketers were adjusting their prices, with many crossing the N1,000 per litre threshold.
In the country’s capital; Abuja, the petrol pump price rose to N1,030 per litre at various NNPC outlets, while in the commercial center Lagos, the price increased to N998 per litre.
Africa’s richest man, Aliko Dangote,has surprised many Nigerians by revealing that he does not own a house outside the country. Dangote stated that he only has two homes, one in his hometown of Kano and another in Lagos. When visiting Abuja, he stays in a rented apartment.
In January, Forbes magazine named Dangote Africa’s richest man for the 13th consecutive year, despite Nigeria’s economic challenges.
Over the past year, his net worth increased by $400 million, reaching $13.9 billion (£10.7 billion).
At 66, Dangote built his wealth through his ventures in cement and sugar. Last year, he launched an oil refinery in Lagos, Nigeria’s economic centre.
He made these remarks to journalists at the Dangote Petroleum Refinery on Sunday.
Dangote’s comments have raised eyebrows in a country where the affluent often indulge in lavish lifestyles, with many owning properties in cities like London, Dubai, and Atlanta.
His revelation has sparked diverse reactions on social media. Some view his decision as a shrewd business move, noting that renting can be more cost-effective than buying. For Dangote, the choice stems from a desire to see Nigeria prosper.
“The reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria,” he said.
“I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state, Kano, and a rented one in Abuja.
“If I have houses all over America and Co., I would not be able to concentrate and build something for my people.”
Mr. Dangote is known for owning an opulent residence in Lagos’ exclusive Banana Island, a neighbourhood home to many high-profile Nigerians.
In contrast, his house in Kano, his home state, is modest and was used to receive guests following the death of his brother, Sani Dangote, in 2021.
Public affairs analyst Sani Bala praised Mr. Dangote,stating that he was setting a commendable example.
“Nigerians need to be re-oriented to understand that owning several mansions is not an achievement when the money would be needed elsewhere.
“Dangote said he sold his house in London in 1996 and I am sure monies realised from the sale was put back into his business; that is the way to go.”
Nigerian industrialist, Aliko Dangote, has shared a pivotal insight gained from his endeavor to establish Africa’s largest refinery.
After a wait spanning over eight years, the Dangote Refinery has finally been completed, with diesel production already underway.
Situated at the expansive Lekki Free Zone outside Lagos, Nigeria, the refinery commenced operations in May 2023 and is poised to produce 650,000 barrels per day once fully operational.
Spanning an area equivalent to 4,000 football fields, this $19 billion investment has encountered significant hurdles.
Dangote disclosed that a major lesson learned was the existence of a powerful cartel that wields considerable influence over Africa’s oil industry.
This entrenched cartel, operating for decades, has hindered efforts to establish local refineries and instead favored oil imports into the continent.
Speaking at the 31st Afreximbank Annual Meetings in the Bahamas, Dangote remarked candidly, “I knew there would be a fight, but I didn’t know that the mafia in the oil industry was stronger than the mafia in the drugs industry.
“I can tell you this for a fact because I knew they [oil industry mafia] existed, but not as strong as the way I have faced them. They are very strong. There’s a local one, a global one, and it’s all mixed up,” Dangote shared as the crowd burst into laughter.
Acknowledging the challenges faced, Dangote noted, “all my life, I have been fighting for what I believe, so I think it’s part of my life to fight for things I believe in.”
Despite these obstacles, Dangote reaffirmed his commitment to the project, stating, “We will win because the population and the government will be on our side because what we are doing is right.”
Oil cartels, akin to drug cartels in their operational tactics, collaborate among oil-producing nations and companies to exert control over global oil production, pricing, and distribution.
Africa’s wealthiest individual and Chairman of Dangote Refinery, Aliko Dangote, has voiced significant disapproval of African governments for their inability to construct a sole refining facility over the past 35 years.
During an interview with CNN’s Eleni Giokos, Dangote contended that this lack of progress is attributed to vested interests profiting from extensive fuel imports across the continent.
“There are so many issues. I can’t count them, but there are so many. It’s not only money, political will, and also people who are benefiting from this whole stuff of importing petroleum products into Africa are actually discouraging those governments from building a refinery,” he said.
The business magnate explained that Africa’s inability to secure strong financial support from international banks further hampers such projects. “And they won’t get the loans anyway, because they don’t have very strong banks. The international banks will not support anything like this. We’re talking about industrialising the continent, creating a more connected Africa,” he stated.
“But we have to make sure we focus and say, look, we are the only ones that can deliver. We Africans are the only people that can develop Africa. If we’re waiting for foreigners or foreign investors to come and develop Africa, it will never happen,” he stated.
Dangote, who recently completed the $19 billion Dangote Refinery, shared insights from his experience, stating that the challenges he faced were far greater than anticipated. “If I knew what I was going to go through, I wouldn’t have tried,” he admitted. Despite this, he noted that with the knowledge gained, he would undertake the project again but with improved strategies.
Dangote pointed out that foreign aid and investments are not the solutions for Africa’s development. “We Africans are the only people that can develop Africa,” he asserted, emphasizing the need for self-reliance. He also revealed that many had doubted the project’s success, and there were significant efforts to discourage him, partly because of those benefiting from the status quo of fuel imports.
Looking ahead, Dangote expressed optimism about exploring new opportunities in petrochemicals and upstream sectors. “The sky is the limit,” he declared, adding that the nearby fertiliser complex, with a capacity of 3 million tonnes, is another testament to their achievements.
Reflecting on the accomplishment, Dangote said, “I feel very proud as an African doing this. Nobody ever expected us to pull this through. A lot of people had given up. But we’ve been able to deliver.”
The Dangote Refinery is now valued at nearly $19 billion.
Looking ahead, Dangote expressed optimism about exploring new opportunities in petrochemicals and upstream sectors. “The sky is the limit,” he declared, adding that the nearby fertiliser complex, with a capacity of 3 million tonnes, is another testament to their achievements.
Reflecting on the accomplishment, Dangote said, “I feel very proud as an African doing this. Nobody ever expected us to pull this through. A lot of people had given up. But we’ve been able to deliver.”
The Dangote Refinery is now valued at nearly $19 billion.
“If I knew what I was going to go through I wouldn’t have done it” Africa’s richest man Aliko Dangote tells me how building a refinery in #Lagos was a Herculean task! He did it, it’s up and running and transforming #Nigeria.
Renowned as Africa‘s wealthiest individual, Aliko Dangote recently spoke out against the cumbersome visa process that plagues African travelers, contrasting it with the seamless experiences enjoyed by holders of foreign passports.
At the Africa CEO Forum in Kigali, Dangote highlighted the stark contrast, revealing that his Nigerian passport necessitates a staggering 35 visas for his business travels across the continent.
Expressing his frustration, Dangote emphasized that this arduous visa requirement poses significant challenges for investors and business leaders who seek to navigate Africa’s diverse markets.
“As an investor, as somebody who really wants to make Africa great, I have to now apply for 35 different visas on my passport, and I told Mr. President that I really don’t have the time to go and be dropping my passport at embassies to get a visa. But the most annoying thing is that, yes, if you are treating everybody the same, then I can understand,” Aliko Dangote stated.
“I can assure you Patrick [CEO of Total Energies] doesn’t need 35 visas… You don’t need 35 visas on a French passport, which means you have free movement than myself in Africa,” he added.
He underscored that such hurdles hinder the region’s progress and investment potential.
During the forum, which serves as a nexus for African decision-makers and international investors, Dangote called attention to the inequality in visa accessibility, citing the ease with which holders of passports from certain countries, like France, can move across African borders compared to their African counterparts.
Dangote’s remarks shed light on a pressing issue within the continent’s business landscape, where
Africa’s richest man, Aliko Dangote, has lamented the low level of intra-African trade despite the continent’s abundance of natural resources and promising future.
He emphasized that African investors need to take the risk and invest within the continent to drive its growth.
Speaking at the Africa CEO Forum in Kigali, Rwanda, Dangote highlighted that the development of Africa depends on its own people, not foreigners.
He pointed out that African economies would experience significant growth with the free movement of goods and services, citing the African Continental Free Trade Area (AfCFTA) as a key initiative.
Aliko Dangote said, “Our focus is to make the regional markets all work; once they work, then we can now go to AfCFTA, but for AfCFTA also, we need to make sure that it works. We cannot have a very promising continent and our intra-trade is less than 16%.”
“We, Africans, have to do it. If we are waiting for foreigners to come and develop Africa, it is not going to happen. So it can only happen by us Africans. We must risk our resources and make sure that we lead, then we have people who actually trust and believe inAfricato come and help us push to the next level,” he added.
The African Continental Free Trade Area (AfCFTA), one of the flagship projects of Agenda 2063, is an ambitious trade agreement with a comprehensive scope that includes critical sectors of Africa’s economy such as digital trade and investment protection.
The free trade pact aims to significantly boost intra-African trade by eliminating barriers, particularly enhancing trade in value-added production across all sectors.
Effective from January 2021, AfCFTA is the world’s largest free trade area, encompassing 55 African countries with a combined population of 1.3 billion and a GDP exceeding $3.4 trillion.
The agreement also aims to help African economies build robust and resilient structures to better withstand internal and external shocks.
Nigerian billionaire and chairman of the Dangote Group, Aliko Dangote,has announced that Nigeria will no longer need to import gasoline by June 2024, thanks to the Dangote Refinery.
Dangote revealed that his refinery, which is already producing diesel and aviation fuel, will be capable of meeting the gasoline needs of West Africa and the aviation fuel demands of the entire continent.
He made this declaration at the Africa CEO Forum Annual Summit in Kigali, Rwanda, on Friday, May 17, 2024, while discussing the progress of the refinery.
“Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” he is quoted to have said.
He added that his company “can supply gasoline to West Africa, diesel to West and Central Africa, and aviation fuel to the entire continent.”
He also pointed out that the work of his company would make Africa self-sufficient in the production of by-products of oil, including fertilizer and raw materials for detergents.
The business mogul stated that his decision to invest all his resources in Africa is to end fuel imports and create jobs on the continent, and the Dangote Refinery was an important part of the transformation process.
“We just commissioned in February and now we are producing jet fuel, we are producing diesel, and by next month, we will be producing gasoline.
What that would do is that we would be taking most of the African crude that is being produced and also be able to supply not only Nigeria, because our capacity is too big for Nigeria, but it would also supply West Africa, Central Africa, and also South Africa.
“We have 650,000 barrels per day, 1 million tonnes of polypropylene, we have 590,000 tonnes of carbon black, which is the raw material for ink, dyes, and so on. We are expanding more. This is the first phase, and we are going on to the next phase, which will start early next year.”
Dangote Refinery is seeking millions of barrels of U.S. crude oil, according to a document reviewed by Reuters.
The refinery, with a capacity of 650,000 barrels per day, aims to operate at full capacity soon, potentially becoming Africa’s largest refinery this year or next.
The tender document, shared by two traders, indicates that the refinery is looking to purchase two million barrels of West Texas Intermediate (WTI) Midland crude each month for a year, starting in July.
Meanwhile, Nigeria has a surplus of its own light sweet crude grades.
Traders reported that Nigeria’s May-loading cargoes are nearly sold out, with at least 30 June cargoes still available.
Despite the availability of local oil, WTI might not necessarily be cheaper than Nigerian crude.
The cost will depend on factors such as the timing of the sale and oil delivery, according to two other trade sources.
Additionally, Angola’s July loading program is expected to be announced soon, even as several June-loading cargoes remain available.
Renowned African entrepreneur and Chairman of the Dangote Group, Aliko Dangote, honoured the memory of the late Dr. Herbert Wigwe, former Group CEO of Access Bank Holdings and co-founder of Access Bank PLC.
Dangote, speaking at a moving memorial service, reflects on Wigwe’s instrumental role in the success of the Dangote Group and described him as a devoted friend, mentee, and brother.
Dangote shared, “Herbert’s wise counsel and relentless support were central to the growth and expansion of our organisation. My family and I forever cherish his warm friendship and heart of care, and it is really very difficult to find another Herbert.” Overwhelmed with emotion, Dangote sheds a tear, expressing deep gratitude for the impact Wigwe had on his life and business.
The late Herbert Wigwe, who tragically passed away on February 10, 2024, in a helicopter crash along with his wife, son, and other notable individuals, left a lasting legacy in Africa’s financial sector.
Wigwe, a philanthropist and educationist, played a crucial role in championing banking service reforms through the Access Holdings conglomerate.
Access Bank, under Wigwe’s leadership, became the largest bank in Nigeria in 2018 after acquiring Diamond Bank.
The bank has continued to expand its operations across Africa and is set to launch a new banking service in Asia in 2024.
Dr. Herbert Wigwe’s contributions to the financial industry and his enduring friendship with Aliko Dangote remain a testament to his remarkable legacy.
Nigerian business mogul, Aliko Dangote, has experienced a substantial financial upswing, witnessing an increase of over $100 million in the initial week of 2024. This surge, as reported by billionaires.africa, has propelled his net worth well beyond the $15 billion mark, marking a notable recovery from a $3.6 billion dip in 2023.
Attributed to the robust performance of his diversified investment portfolio on the Nigerian Exchange (NGX), Dangote’s financial resurgence is driven by a bullish market sentiment, pushing the local bourse’s all-share index closer to the 80,000-point milestone.
According to the Bloomberg Billionaires Index cited in the report, Dangote’s wealth has risen from $15.1 billion at the beginning of 2024 to $15.2 billion. The $106 million increment in his net worth this year is directly linked to the robust performance of his investments on the NGX.
At the heart of Dangote’s financial resurgence, as outlined in the report, lies his strategic ownership stakes in pivotal Nigerian companies. This encompasses a 72.7% stake in Dangote Sugar Refinery, a 66.5% stake in the prominent salt processing company NASCON Allied Plc, and an 86% ownership in Dangote Cement, his flagship company.
Currently, his stakes in Dangote Sugar Refinery and NASCON Allied Plc are valued at $624 million and $108 million, respectively.
Meanwhile, his ownership stake in Dangote Cement, Africa’s largest cement manufacturing company, is estimated at $5.59 billion.
While Bloomberg designates Dangote as Africa’s wealthiest individual with a net worth of $15.2 billion, Forbes positions him as the second richest in Africa at $9.8 billion.
The focal point of debate revolves around the valuation of Dangote’s fertiliser plant, Dangote Fertiliser, which boasts a capacity to produce 2.8 million tonnes of urea annually.
Bloomberg incorporates the $5.15-billion valuation ofDangote Fertiliser in its calculations, utilising a discounted cash flow analysis by KPMG, a valuation corroborated by external analysts.
In contrast, Forbes omits this figure due to limited access to financial information about the fertiliser plant.
This discrepancy underscores the complexities of assessing the wealth of a magnate like Dangote, particularly in sectors with limited financial disclosure.
Nigeria’s central bank has reportedly paid approximately $2 billion to settle matured foreign exchange contracts with lenders, as reported by Thisday newspaper.
The payments, spanning over three months, include $61.64 million to address outstanding liabilities owed to foreign airlines operating in the country.
Government officials estimate the total overdue forward payments at around $6.7 billion, while Thisday suggests a range between $7 billion and $10 billion, inclusive of at least $744 million owed to foreign airlines as of March of the previous year.
The clearance of this backlog is seen as a commitment by the central bank to alleviate pressure on the depreciating naira.
The currency has experienced a more than50% decline in value since it began trading more flexibly against the dollar in June of the preceding year.
Officials from the Nigerian anti-graft agency, the Economic and Financial Crimes Commission (EFCC), conducted a visit to the offices of Dangote Industries Ltd, owned by billionaire Aliko Dangote.
The visit is part of an ongoing investigation into Godwin Emefiele, the former head of Nigeria’s central bank.
The EFCC is examining foreign exchange dealings with the central bank during Emefiele’s tenure. Emefiele, who was arrested in June on charges including fraud, has denied any wrongdoing.
The investigation alleges unauthorised offshore bank accounts, including one in the UK with £543 million ($690 million), and accuses Emefiele of manipulating the naira.
Dangote Industries Ltd. officials have not responded to requests for comment.
Under Godwin Emefiele’s leadership from 2015 until its discontinuation in June, the Nigerian central bank operated a complex foreign exchange regime.
The system aimed to strengthen the naira by restricting the availability of dollars from official sources, creating a disparity between the official and parallel markets.
President Bola Tinubu, who took office in May, criticised the policy for encouraging arbitrage in his inaugural speech.
The arrangement allowed entities obtaining dollars at the official rate to profit significantly through a “round trip” by converting into naira at a rate providing a 70% or higher return in local currency.
In 2023, Abdul Samad Rabiu, the Nigerian billionaire business magnate and second-wealthiest individual, faced a substantial setback as his net worth plunged by US$1.8 billion, resulting in a year-end total of US$5.7 billion.
Forbes reports that Rabiu, who began 2023 with a net worth of US$7.5 billion, experienced this decline due to the impact of the Central Bank of Nigeria’s (CBN) free float policy.
Despite maintaining his position as Nigeria’s second-richest person, trailing only Aliko Dangote, Rabiu lost his standing on the Bloomberg Billionaires Index.
This downturn marked a challenging year for Rabiu, highlighting the complexities and uncertainties in the economic landscape.
In 2023, the Nigerian naira experienced a significant decline against the U.S. dollar, marking one of the most substantial depreciations since the country’s return to democracy in 1999.
The Central Bank of Nigeria (CBN) consolidated all segments of the foreign exchange market into the Investors and Exporters window, adopting the willing buyer, willing seller model. Bloomberg forecasts a continued devaluation of the naira in 2024.
Bloomberg’s data revealed a 55-percent depreciation of the naira in 2023, hitting its lowest point on the official NAFEM market at N1,099.05/$ on December 8, 2023.
The currency concluded the year at N907.11/$, earning the title of the worst-performing currency in Africa.
Amidst the naira devaluation policyinitiated by the CBN in June 2023, Rabiu faced a loss amounting to one-third of his wealth within three months.
However, leveraging the surge in the share price of his integrated food business, BUA Foods, he managed to mitigate his wealth loss during the year to $1.8 billion.
This financial strategy showcased Rabiu’s resilience in navigating the challenging economic landscape and adapting to the dynamic market conditions.
One million barrels of crude oil were delivered to a big new refinery in Nigeria. This is a big step towards the country being able to make its own fuel.
For many years, the country with a lot of oil has not been able to process the oil.
Buying refined oil from other countries costs our country a lot of money in foreign currency.
We don’t know when the big Dangote refinery will start working. But when it does, it will help us become more self-sufficient in energy.
The first one million barrels of crude will be delivered, and then five million more will come. After that, the plant can start making fuel.
When the facility in Nigeria’s busy city, Lagos, is running at full capacity, it is expected to make around 650,000 barrels of oil every day. It costs $19 billion.
It will start by making diesel, airplane fuel, and LPG before moving on to making petrol.
Africa’s wealthiest man and leader of the Dangote Group, Aliko Dangote, said on Friday that the main goal in the next few months is to increase the refinery’s production to its maximum level. I am excited for the next big step when we send the first products to Nigeria.
The company says it will eventually be able to meet all of Nigeria’s needs for fuel and have even more to sell to other countries.
The biggest economy and one of the biggest oil producers in the continent has had problems getting enough fuel. This is because they don’t have enough foreign money and this has caused a lot of times when there isn’t enough fuel. The price of fuel has also become a big issue in politics.
For years, the government had been paying part of the cost – something that many Nigerians saw as a benefit.
However, the government had to spend a lot of money on the subsidy. This year, the new President, Bola Tinubu, got rid of it. This made fuel prices go up by more than 400%.
Even though unions have asked the government to change its decision and help most Nigerians, President Tinubu still thinks that the decision will be good for the future.
In November, the government announced that it had saved more than $1. 8 billion from June to September this year by removing a subsidy. This money will now be used for social development projects.
Dangote Cement has posted impressive earnings of nearly N1tn from its Nigerian operations in the first nine months of this year. The unaudited interim financial statements for the period ending September 2023, filed with the Nigerian Exchange Limited, reveal that Dangote Cement recorded N933.08 billion in earnings during this period, representing a significant 4.76% increase compared to N890.65 billion for the same period in 2022.
During this period, the company’s Pan-African operations generated N588.24 billion in revenue, reflecting an extraordinary 103.89% increase over the N288.51 billion in revenue recorded in 2022.
Profit from Dangote Cement’s Nigerian operations surged to N856.45 billion by the end of September 2023, compared to N336.25 billion in 2022. However, its Pan-African operations reported a loss of N54.35 billion, an improvement from the N127.67 billion loss recorded in 2022.
Overall, the cement group experienced a substantial 28.63% increase in its revenue, totaling N1.51 trillion for the period ending September 2023, compared to N1.18 trillion in September 2022.
With a finance cost of N20.67 billion, a loss on foreign-denominated transactions at N99.02 billion, and an income tax expense of N127.34 billion, the group’s profit for the period reached N277.55 billion, marking a 30.24% increase from N213.10 billion recorded in 2022.
For the third quarter, Dangote Cement reported revenue of N563.77 billion, an increase from the N369.22 billion reported in Q3 2022. Profit for Q3 2023 reached N98.95 billion, reflecting a substantial 141% increase from N40.99 billion.
Earnings per share increased by 29.6%, reaching N16.08, and the company’s net debt amounted to N507.7 billion.
Dangote Cement attributed its net exchange loss on foreign-denominated transactions to the significant devaluation of the Nigerian Naira in June 2023, with the Naira falling from N465 per dollar at the end of May 2023 to N756/$ in June 2023, leading to a net exchange loss of N116.1 billion from third-party loans and payables in the Nigerian entities.
The company also mentioned that its cash and cash equivalents included restricted cash used for unclaimed dividends, letters of credit, and debt service reserve accounts.
As of September 2023, Dangote had publicly issued bonds amounting to N266 billion, with coupon rates ranging from 11.25% to 13.5%, with tenures between 3 and 10 years. Additionally, commercial papers were issued under a program with a face value of N170 billion, with tenures ranging from 176 days to 267 days and discounts ranging from 10% to 13%.
Speaking on the results, Chief Executive Officer, Arvind Pathak, said “This positive nine-month result is a combination of our strong value proposition, improved operational efficiency and a sustained drive to contain cost amidst an accelerating inflationary environment. We achieved double-digit growth in Group revenue at N1.514.6bn, while EBITDA rose to an all-time high of N662.8bn, up 28.5 per cent. Again, we continue to show the strength in the diversity of our operations. Our pan-African operations generated a record revenue and EBITDA growth of 103.9 per cent and 255.4 per cent, respectively, contributing 41.9 per cent to Group volumes. This unprecedented growth was driven by sustained demand across our countries of operation.
“We will continue to explore emerging opportunities and export strategies around the region to further consolidate the Group performance. Albeit the current inflationary environment and its impact on operating costs, we have flagged off the ‘distributors promo’ across various regions in Nigeria. This, we believe would support our customers by creating a positive income effect for purchasers of Dangote Cement.”
In terms of outlook, Pathak, said, “Looking ahead, we are at the final stage in the completion of our 1.5Mta grinding plant in Cote d’Ivoire, having commissioned our 0.45Mta Takoradi plant in the first half of the year. We are focused on improving our value proposition, anchored on our promise to deliver strong and superior cement to our unwavering customers. I am very pleased with the direction of our business and confident we will finish the year strong.”
Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa.
Aliko Dangote, Africa’s wealthiest individual, has experienced a significant decline in his net worth, resulting in his removal from the prestigious list of the world’s top 100 billionaires, as reported by the Bloomberg Billionaires Index.
As of September 1, 2023, Dangote’s net worth stood at a substantial $17.8 billion.
However, in just one month, his fortune has taken a substantial hit, plummeting to $16.7 billion, marking a startling decrease of $1.1 billion.
This downturn has led to a year-to-date loss of $1.99 billion.
The primary cause behind this dip in Dangote’s net worth can be attributed to the decreasing market value of his holdings in two major companies, Dangote Cement and Dangote Sugar Refinery.
Notably, Dangote Sugar is currently in the process of merging with NASCON Allied Industries and Dangote Rice Limited, with the merger expected to be finalized by the end of 2023.
This merger is poised to create a formidable food conglomerate by combining Dangote Sugar, NASCON (a salt-processing company), and Dangote Rice.
The conglomerate will offer an extensive range of products, including sugar, rice, salt, vegetable oil, tomato paste, seasonings, and other edible goods.
This strategic merger also holds the potential to significantly boost Dangote’s net worth.
According to Bloomberg’s data, his stakes in Dangote Cement, Dangote Sugar, and NASCON are currently valued at $6.95 billion, $615 million, and $111 million, respectively, contributing to his current net worth of $16.7 billion.
While Aliko Dangote may have temporarily slipped out of the global top 100 billionaires list, the merger and the projected growth of the United Food Conglomerate could pave the way for a resurgence in his wealth, potentially allowing him to reclaim his position among the world’s wealthiest individuals.
This development underscores the ever-fluid nature of global wealth rankings and how market dynamics can significantly impact the fortunes of even the most prominent billionaires.
Prominent integrated sugar business, Dangote Sugar Refinery Plc, owned by Africa’s renowned entrepreneur Aliko Dangote, encountered substantial foreign exchange losses exceeding $100 million in the first half of 2023.
These staggering foreign exchange losses, amounting to N83.1 billion ($107.3 million), were a consequence of the devaluation of the Naira.
This devaluation adversely affected the company’s earnings capacity, leading to the revaluation of its foreign currency obligations.
As a result, Dangote Sugar experienced a significant loss of N27.98 billion ($36.17 million) during the first six months of 2023.
This is in stark contrast to the N20.24 billion ($26.2 million) profit recorded in the first half of 2022, when foreign exchange losses amounted to only N1.89 billion ($2.44 million).
Despite a growth in sales and revenue during the first half of 2023, with revenue rising from N185.45 billion ($240.6 million) to N202.78 billion ($263.1 million), Dangote Sugar’s profit was heavily impacted by the foreign exchange losses.
While the company’s total assets saw an increase during the same period, rising from N492.43 billion ($638.8 million) at the beginning of the year to N565.98 billion ($734.32 million), its retained earnings experienced a decline, falling from N158.84 billion to N112.64 billion.
In a strategic move aimed at creating value for its shareholders, including Aliko Dangote, who holds a 72.7-percent stake in the company, Dangote Sugar announced plans for a proposed merger with Nascon Allied Industries Plc and Dangote Rice Limited, both subsidiaries of the Dangote Group.
The proposed merger aims to establish a formidable food conglomerate with a diverse product portfolio, encompassing sugar, rice, salt, vegetable oil, tomato paste, seasoning, and savory products.
This merger is anticipated to herald a significant transformation in Nigeria’s food and consumer goods industry.
The consolidation of these businesses is projected to reshape the market landscape and usher in new growth opportunities, paving the way for a transformative chapter in the country’s economic landscape.
World’s wealthiest Black billionaire and the visionary behind the Dangote Group, Aliko Dangote, has played a pivotal role in shaping Africa’s business landscape and elevating Nigeria as a major industrial force on the continent.
Diversifying his interests across various sectors in Nigeria and beyond, Dangote’s expansive businesses under the Dangote Group have established him as the second-largest employer in Nigeria, coming closely after the country’s Federal Government.
His staggering net worth currently stands at $10.8 billion, making him the richest Black billionaire globally and the second-richest individual in Africa. However, his long-held title as Africa’s wealthiest recently passed to South African billionaire Johann Rupert, who overtook Dangote in June.
At the core of his immense wealth lies his commanding 86.81-percent stake in Dangote Cement, the largest cement company in Africa. This significant investment firmly places him as the richest investor on the Nigerian Exchange (NGX). Moreover, Dangote has stakes in several other prominent Nigerian companies listed on the NGX, including Dangote Sugar, NASCON Allied Industries, Jaiz Bank, and Nigerian magnate Tony Elumelu’s United Bank for Africa.
Beyond the cement industry, Dangote’s business empire expands into sugar, salt, oil, fertilizer, and packaged food sectors. Particularly noteworthy is his significant presence in the global oil market, reinforced by the recent commissioning of his petrochemical complex, the Dangote Petroleum Refinery and Petrochemicals Plant.
Notably, Dangote has further solidified his position with the successful inauguration of the much-anticipated Dangote Fertilizer Plant, commencing operations in March 2022. This state-of-the-art facility boasts an impressive annual production capacity of up to 2.8 million tonnes of urea.
Billionaires.Africa has diligently researched and compiled a comprehensive list of companies and holdings associated with Dangote, highlighting the breadth and magnitude of his business empire. His direct or indirect ownership spans across a multitude of enterprises, showcasing the remarkable scale of his business endeavors.
1. Dangote Cement:
Dangote’s primary source of wealth stems from his substantial 86.6-percent ownership in Dangote Cement Plc, the largest cement producer in Africa. This company boasts an impressive annual cement production of 51.55 million tonnes, operating in ten different countries. At present, Dangote Cement holds the esteemed position of being the most valuable company listed on the Nigerian Exchange (NGX), with a remarkable market capitalization of N6 trillion ($7.6 billion), accounting for approximately 16.9 percent of the entire Nigerian Stock Exchange.
Looking ahead, Aliko Dangote envisions expanding Dangote Cement’s production capacity through the establishment of a new integrated cement plant in Itori, Ogun State. This state-of-the-art plant is projected to have a massive capacity of 6 million metric tonnes, further solidifying the company’s dominance in the cement industry.
2. Dangote Sugar: Dangote Sugar is Sub-Saharan Africa’s biggest sugar refining company. It has been listed on the NGX since March 8, 2007, and presently ranks 18th in value with N352 billion ($442.75 million) market capitalization. Dangote owns 72.7 percent of the company.
3. Petroleum Refinery & Petrochemicals Plant: Led by Dangote, Dangote Group has expanded into oil and gas with the creation of Dangote Oil Refinery. This petroleum complex can refine 650,000 barrels ofcrude oil, making it the largest single-train facility globally. Inaugurated in May 2023, the refinery is set to meet 100 percent of Nigeria’s refined petroleum demand and generate an annual surplus for export, estimated to yield an impressive $11 billion in revenue.
4. Dangote Fertilizer: In March 2022, the Dangote Fertilizer Plant began operations in Lagos, strategically situated in the Lekki Free Zone. Dangote Fertilizer Limited (DFL) boasts the title of Africa’s largest Urea Plant, with a $2.5-billion investment and a production capacity of 3 million tonnes per annum.
5. Nascon Allied Industries: Nascon Allied Industries Plc, a subsidiary of Dangote Group, produces edible salt for industrial and domestic use in Nigeria. Their product range includes iodine-fortified kitchen salt, fine butter salt, granulated kitchen salt, and industrial salt. The company operates factories in Oregun, Apapa, and Port Harcourt, with a total installed capacity of 400,000 tonnes per year for bags and 100,000 tonnes per year for sachets.
6. United Bank for Africa: Dangote holds 301,971,608 shares in United Bank for Africa (UBA), a prominent pan-African financial services group operating in 20 African countries, France, the UK, and the United States. UBA ranks 14th in value on the NGX, with a market capitalization of N510 billion ($641.36 million).
7. Jaiz Bank Plc: Through his company Dangote Industries Limited, Dangote owns 7.24 percent of Jaiz Bank Plc, equivalent to 2,500,000,000 ordinary shares valued at $6.29 million. Jaiz Bank Plc is a Nigerian non-interest banking company based in Abuja, offering various banking services like savings, current, investment, and term deposit accounts, as well as financing options for auto, household appliances, and school fees.
8. Twister B.V.: In 2016, Dangote Industries Limited purchased Twister B.V. from Shell Technology Ventures Fund. Twister B.V., located in the Netherlands, specializes in gas processing solutions for the oil and gas sectors, including conditioning systems, hydrate separators, engineering design, and consulting services.
9. Dangote Sinotruk: In 2017, Dangote Industries founded a $100-million truck assembly plant in Lagos, in partnership with Chinese company National Heavy Duty Truck Group (SINOTRUK). The plant, situated in Ikeja, can produce 10,000 trucks per year. Dangote Group holds a 60-percent ownership stake, while Sinotruk owns 40 percent.
10. Greenview Development Nigeria Limited (GDNL): Greenview Development Nigeria Limited (GDNL) is Dangote Group’s terminal operating arm, and it operates Terminal E of the Lagos Port Complex (LPC) in Apapa, Lagos.
11. Dangote Agro Sacks Limited: Dangote Agro Sacks Limited makes bags for packaging goods produced by its group companies. It has three factories in Ikeja, Lagos, and one in Obajana, Kogi State. The company produces woven, laminated, and A.D. star cement sacks.
12.Dangote Sinotruk: In 2017, Dangote Industries teamed up with Chinese company SINOTRUK to create a $100-million truck assembly plant in Lagos, called “Dangote-SINOTRUK Plant.” Situated in Ikeja, Lagos, the plant has an annual production capacity of 10,000 trucks. Dangote Group holds a 60-percent ownership stake in the plant, while Sinotruk owns the remaining 40 percent.
13. Saipem Dangote E&C: In 2015, Saipem, a major Italian oilfield services multinational, joined forces with Dangote’s company, Dangote Industries Limited, to establish Saipem Dangote E&C. This firm specializes in handling intricate Engineering & Construction projects in Africa.
14. DIL Power Limited: DIL Power Limited is the owner of the Dangote Oil Fired Power Plant, a 400MW oil-fired power project.
15. Dangote Granite Mines Limited: Dangote Group owns and operates a massive granite mine in Ogun State, Nigeria’s southwest region.
Forbes reports that Nigerian tycoon Aliko Dangote’s net worth has fallen below the $10 billion threshold for the first time since the COVID-19 epidemic in 2020.
As of the close of business on Friday, Dangote’s net worth, according to Forbes, stands at $9.9 billion. The last time Forbes pegged the Nigerian Cement’s tycoon wealth below $10 billion was in April 2020, at the height of the global COVID-19 stock market crash.
The Bloomberg Billionaires Index still values Dangote at $15.7 billion and insists the Nigerian billionaire is still Africa’s richest man.
Forbes and Bloomberg, the world’s leading authorities on the wealth of the world’s wealthiest people, have different approaches to valuing billionaires.
In the case of Dangote, both outlets have varying opinions on the actual value of one of Dangote’s key assets – the 650,000-barrel-per-day Dangote Oil Refinery in Lagos, which former President Muhammadu Buhari commissioned in May.
While the exact amount it has cost to build the complex to its current level is unknown, various figures ranging from $18 billion to $19 billion have been peddled around Nigerian and international media.
Dangote took on debt to fund the project and is still heavily indebted to the tune of several billion dollars.
As a result, Forbes does not ascribe any value to this asset in valuing him. On the other hand, in valuing Dangote, Bloomberg accounts for debt on the Dangote refinery by discounting 50 percent of the refinery’s value and ascribing the other 50 percent to his net worth.
Dangote held sway as Africa’s richest man for 12 years.
However, the Central Bank of Nigeria’s decision to allow market forces to dictate the value of the naira has resulted in significant losses for the nation’s billionaires.
Last week, the naira reached an all-time low of 750 to the dollar, plummeting from 477 naira to the dollar.
The value of the Naira-denominated stock prices of Dangote’s various companies listed on the Nigerian Exchange – from Sugar to salt and Cement, took a severe beating.
South African billionaire Johann Rupert, who heads Swiss luxury goods company Richemont, is now Africa’s richest man, at least according to Forbes.
The largest single-train oil refinery of its kind in the world, built by Africa’s richest man, billionaire tycoon Aliko Dangote, is being commissioned by Nigeria’s President Muhammadu Buhari.
The government hopes the refinery will turn Nigeria, Africa’s biggest oil producer, from an importer of refined fuels to an exporter and put an end to recurring fuel shortages while creating tens of thousands of jobs.
The size of about 130 football fields, Dangote Industries has billed it as the world’s largest single-train petroleum refinery, meaning it will have only one crude distillation unit.
The project, launched in 2017, is located in the Lekki area of Lagos State, off the Atlantic Ocean, and is expected to process 650,000 barrels of crude oil a day.
The refinery, 20%-owned by the state, is not expected to operate at full capacity until 2024.
“At full capacity it can meet 100% of the Nigerian requirement of all refined products and also have surplus for export,” Dangote Industries said in a statement last week.
Mr Buhari is commissioning the plant in one of his last public acts before he steps down as president next Monday following two terms in office.
He will hand power to Bola Tinubu, who won disputed presidential elections in February.
Nigerian oil and gas consultant Henry Adigun told the BBC that today’s event was “more political than technical”.
“There is still a lot more work to do in terms of permits and licences. I don’t think the refinery is at the stage where we will start enjoying the benefit as Nigerians,” he said.
A8 Nigerian entrepreneur, Aliko Dangote, holds the distinction of being the wealthiest individual in Africa and the richest black person in the world. According to Forbes, his net worth is estimated to be approximately $12.7 billion, while Bloomberg places it at around $19.0 billion.
His entrepreneurial journey started when he approached his uncle for a $3000 loan to start importing and selling agricultural products in Nigeria after his first degree. He traded in Sugar, rice, pasta, salt, cotton, millet, cocoa, textiles, and vegetable oil from Thailand and Brazil.
His business became an instant hit and within three months, he repaid the loan he took from his uncle. In 1973, he ventured into the cement industry, buying truckloads and reselling them to others for profit.
He then ventured into selling sugar, rice, and other commodities, and eventually got back into the cement industry with a factory, moving from a zero market share in Nigeria to controlling about 45 percent of the market within the first year.
The success of his cement factory inspired him to start manufacturing some of the products he was importing or buying from others. In 1997, he built a plant and started manufacturing pasta, sugar, salt, and flour.
Today, all his companies operate under the empire Dangote Group, where he plays the role of chairman. The group employs over 30,000 workers in Nigeria and across Africa. Dangote Group includes the following firms: Dangote Cement Plc, Dangote Sugar Refinery Plc, and Dangote Flour Mills Plc.
Aliko Dangote, the wealthiest individual in Africa, has amassed his $13.6 billion fortune primarily through his holdings in publicly traded companies such as Dangote Cement, Dangote Sugar, and NASCON.
However, there are lesser-known privately-held companies in his portfolio that contribute significantly to his wealth. Here are ten such companies:
Twister B.V.: Acquired from Shell Technology Ventures Fund in 2016, Twister B.V. is a Netherlands-based company specializing in gas processing solutions for the oil and gas industry, including conditioning systems and engineering services.
Dangote Sinotruk: Established in 2017, this $100-million truck assembly plant in Lagos is a joint venture between Dangote Industries and Chinese company National Heavy Duty Truck Group Company Limited (SINOTRUK). It has the capacity to produce 10,000 trucks annually, with Dangote Group owning a 60% stake and SINOTRUK owning 40%.
Greenview Development Nigeria Limited (GDNL): GDNL is the terminal operating arm of Dangote Group and manages Terminal E of the Lagos Port Complex in Apapa, Lagos.
Dangote Agro Sacks Limited: Dangote Agro Sacks Limited specializes in the production of packaging bags for goods manufactured by Dangote Group companies. The company operates from multiple factories in Ikeja, Lagos, and Obajana, Kogi State, manufacturing woven, laminated, and A.D. star cement sacks.
Bluestar Shipping Lines: Established in 1996, Bluestar Shipping Lines is an integrated shipping, freight forwarding, and stevedoring company. It offers comprehensive maritime services globally, including vessel berthing, sailing, and break bulk operations.
Saipem Dangote E&C: Saipem Dangote E&C is a construction company formed through a partnership between Saipem, an Italian multinational oilfield services company, and Dangote Industries Limited. The company specializes in executing complex engineering and construction projects in Africa.
Integrated Steel PLC: Integrated Steel PLC, previously known as Oshogbo Steel Rolling Mills, was acquired by Dangote over a decade ago. It is involved in the production of steel bars and rods, with a yearly capacity of 400,000 metric tons. The company manufactures plain and ribbed bars using billets.
DIL Power Limited: DIL Power Limited operates the Dangote Oil Fired Power Plant, a 400MW oil-fired power project.
Dangote Granite Mines Limited: Dangote Granite Mines Limited is a subsidiary of the Dangote Group and operates a large-scale granite mine in Ogun State, Nigeria.
Dangote Coal Mines Limited: Dangote Coal Mines Limited (DCM) is a mining company engaged in coal extraction from various locations in Kogi, Nigeria.
Aliko Dangote, the richest man in Africa, has been the subject of a shocking revelation from Davido.
He asserts that Dangote only purchases two cars every eight years despite his enormous wealth. The Nigerian musician revealed it in a recent interview with Forbes, where he also stated that the billionaire gives him financial advice.
The singer who held his Timeless Concert on Sunday, April 23, 2023, at Tafawa Balewa Square (TBS) also said Dangote asks him to save his money and not spend lavishly every time they meet.
Davido said; “Uncle Aliko is a very different kind of billionaire. Uncle Aliko buys like two cars every eight years. He’s a much more disciplined and very different kind of billionaire.
“Every time I see him, he just says one thing, ‘Save your money!’. There’s nothing more he tells me, every time save your money. He and my dad have been very close friends.
“And he Dangote has done well for us [Nigerians] back home. He made us a lot of industries. He just opened the biggest factory in Africa. That’s providing jobs.”
On the same platform, the Nigerian superstar revealed some traits he learned from his father and how it has greatly influenced his life.
The singer who is also a proud father of three said his religious inclination is something he picked from his father and as such he doesn’t joke with prayers at all. According to him, he and his team pray before going on stage to perform.
Beyond that, the music executive and serial hitmaker said his father is humble despite his riches. Davido said he learned a lot from his father, Mr Adedeji Adeleke, particularly with regard to his embrace of Christianity and living a humble life. The music executive said; “I learned so much from being around my dad, watching him in the office, hearing him on the phone, seeing how he handled life. He’s very humble, principled and a strong Christian. Before I step on any stage, my team knows not to mess with my prayers.”
Deputy Majority Chief Whip, Habib Iddrisu and his colleague Member of Parliament and Minister of Sports, Mustapha Ussif, are in the holy land of Mecca in Saudi Arabia.
The duo were captured in the ihram (traditional Islamic covering for male pilgrims) attending Umrah (lesser pilgrimage) in Mecca.
Photos being shared on Facebook by the deputy Majority Chief Whip on Facebook, captures the two MPs in the company of Africa’s richest man, Aliko Dangote.
They are captured in the Haram (the immediate precincts of the Kabah) where most pilgrims gather to pray on a daily basis.
Dangote is wearing dark shades and holding a face mask with Habib and Ussif standing to his right side.
Aside the two MPs, Tamale North lawmaker, Alhassan Suhuyini has also been spotted separately in Mecca performing the Umrah rites. Alhassan Tampuli, Farouk Aliu Mahama and Ibrahim Murtala-Mohammed are also in Saudi.
Ramadan is a busy season for the cities of Mecca and Medina, as people throng in from across the world to undertake the Umrah in the blessed season of worship.
Nigerian billionaire, Aliko Dangote turned 66 on April 10, 2023.
The great businessman received the best of wishes all over the world, and also from his long-time pal and fellow billionaire, Femi Otedola.
Otedola shared a photo from his visit to Dangote’s refinery and fertilizer plant in Lagos and captioned the post: “Happy Birthday to my brother @aliko_dangotegcon as he celebrates his 66th year of greatness! Here’s to many more years of brilliance and magnanimity.”
The two billionaires have been best of friends for many years.
However, Otedola’s latest post has drawn countless reactions from netizens on social media.
It may take some time for the majority of wealthy people to fully appreciate the worth of their resources and holdings.
Aliko Dangote, the richest man in Africa, has revealed details about how he once did something incredible: he went to the bank to withdraw a significant amount of money just to gaze at it. You did really hear correctly!
Aliko Dangote, who according to Forbes is today worth $13.5 billion, recalled making his first $100 million and the events that followed in an interview with Mo Ibrahim in 2019.
“When you first start a business, your target is to make your first million and I did that but after the years went on, I realised I had about US$12 to $13 billion and I said okay fine, all these numbers are just written and so one day, I went the bank where at the time, there were fewer restrictions and so I wrote a cheque to cash of $10 million dollars for myself.
“…So, I put the money in the boot of my vehicle and went home to open it just to look at it which made me believe I truly have money,” a hearty Dangote said while the crowd in the audience laughed and cheered him.
He further revealed that he went to the bank all by himself to cash the cheque, stare at the money at home and returned the money to the bank the following day.
Despite recording a drop in fortune of about $400 million, bringing his wealth to $13.5 billion, Nigerian business magnate, Aliko Dangote still emerged as the wealthiest person in Africa for the twelfth consecutive time.
This was captured in the recently released 2023 list of Africa’s billionaires compiled by Forbes Magazine.
Aliko Dangote, who is noted for being a renowned industrialist, is expected to see his net worth increase on the back of commencing production on an oil and petrochemical refinery, which is set to take off later in 2023.
The day Aliko Dangote withdrew $10 million from the bank just to stare at it.
As global markets recover from a lackluster 2022, the world’s wealthiest billionaires have had a strong start to the new year with sustained increases in share prices, resulting in significant gains in their net worth.
Similarly, the top five African billionaires have experienced a remarkable increase in their net worth, although it is still lower than the year-to-date wealth gains of their counterparts in developed economies.
Within the first 45 days of this year, the collective net worth of the world’s top five wealthiest individuals, namely Bernard Arnault, Elon Musk, Jeff Bezos, Bill Gates, and Warren Buffett, has surged by an impressive $93.89 billion. This amount surpasses the combined net worth of the top five African billionaires by a staggering 70 percent.
According to data tracked by Billionaires.Africa, the top five African billionaires have collectively gained $3.052 billion in net worth since the start of the year, increasing from $52.12 billion to $55.18 billion. This rise can be linked to the performance of their stakes in publicly listed companies.
Notably, South African luxury magnate, Johann Rupert owes his year-to-date gains of $1.52 billion—pushing his net worth from $10.9 billion to $12.4 billion — to his stake in Richemont. While, Nicky Oppenheimer’s diversified private equity investments have caused his net worth to increase from $8.03 billion to $8.63 billion — a $600-million bump.
Nigerian billionaires Aliko Dangote and Abdul Samad Rabiu have experienced a significant increase in their net worth since the beginning of the year. Dangote’s net worth has risen by $504 million to $19.2 billion, while Rabiu’s net worth has increased by $100 million to $7.6 billion.
The growth in their wealth can be attributed to their cement businesses, Dangote Cement and BUA Cement Plc. In addition to his stake in BUA Cement Plc, Rabiu has also benefited from his 98 percent stake in his food conglomerate, BUA Foods Plc.
Additionally, Egyptian billionaire Nassef Sawiris has seen his net worth rise by $328 million to $7.35 billion, thanks to the 8.6-percent increase in Adidas shares since the beginning of the year, which boosted the market value of his 6 percent stake in the German sportswear company.
Amidst a chaotic cash shortage in Nigeria, where citizens are forced to wait for hours to withdraw a meager $43 from their savings in banks, causing a disruption in business activities for millions of people, Africa’s wealthiest man Aliko Dangote has seen a significant increase in his wealth since the start of the year.
The Nigerian billionaire, who has built his vast fortune from several businesses in the country, has seen his net worth increase by $541 million, cementing his status as the richest man in Africa, ahead of Johann Rupert, Nicky Oppenheimer, and Abdul Samad Rabiu.
Dangote’s net worth stands at $19.2 billion, an increase of $541 million from his previous net worth of $18.7 billion at the beginning of the year. According to Bloomberg, he now ranks as the 86th wealthiest person globally.
While Nigerians face cash shortages that have disrupted financial transactions and overwhelmed the digital payments system, Aliko Dangote has seen his net worth surpass the $19-billion mark, according to the Bloomberg Billionaires Index.
The development has occurred amid the political backdrop of the country’s upcoming presidential elections, where a candidate has suggested that the redesign of the naira is an attempt to impede or postpone the polls, and amid the controversial decision by Central Bank Governor Godwin Emefiele to replace N2.7 trillion ($5.85 billion) of cash outside the banking system.
The billionaire businessman’s impressive $541-million wealth gain so far this year can be attributed to the success of Dangote Cement Plc, Africa’s largest cement manufacturer, in which he holds an 86-percent stake.
The company’s share price has increased by single digits from N261 ($0.568) on Jan. 1 to N270 ($0.588), boosting its market capitalization beyond the N4.6 trillion ($10 billion) mark and pushing the market value of Dangote’s stake above $8.5 billion.
Dangote’s wealth is expected to soar even higher, potentially making him the first African and Black person to amass a fortune of $30 billion, as he prepares to commission his 650,000-barrel-per-day Dangote Refinery and Petrochemical Ltd. later this year. The completion of this project is set to provide a whopping $18 billion boost to his net worth.
Aliko Dangote, the richest man in Africa, experienced a huge decrease in his net worth in 2022, but thanks to a recent rise in his wealth numbers since the year’s beginning, he is swiftly recovering the losses from the previous year.
According to the Bloomberg Billionaires Index, Aliko Dangote has increased his net worth by more than $400 million since the beginning of the year, making him Africa’s richest man for the 12th straight year despite facing a $400 million wealth decline in 2022.
The Nigerian cement magnate, who derives the majority of his wealth from an 86 percent stake in Dangote Cement, has seen his net worth rise by $411 million since the beginning of 2023, from $18.7 billion on January 1 to $19.1 billion at the time this report was written, according to data tracked by Billionaires.Africa.
The $411 million increase in his net worth can be used to explain the recent rise in the market value of his 86 percent interest in Dangote Cement. At the beginning of the year, the company’s shares were worth N261 ($0.567), but as of this writing, they are worth N270 ($0.586).
At the time of writing, Aliko Dangote’s stake in his flagship cement business was worth $8.42 billion, with an additional $5.15 billion linked to his closely held fertilizer plant, which has the capacity to produce up to 2.8 million metric tonnes of urea per year.
Dangote is on the verge of becoming the first African and Black person to amass a fortune of $30 billion. With the commissioning of his 650,000-barrel-per-day Dangote Refinery and Petrochemical Ltd set to take place this year, the billionaire is set to enjoy an $18 billion boost to his net worth.
He is poised to hold a 90 percent stake in the refinery, which will bring his total worth to well over $30 billion, solidifying his place as a leading player in the global petroleum industry.
A cutting-edge facility will be built as a result of this strategic alliance between the two businesses, which will strengthen the local economy and give Ogun people job possibilities.
The new facility will greatly improve the nation’s production capacity and aid in meeting Nigeria’s expanding demand for building materials by having the ability to produce over 10 million metric tonnes of cement yearly.
The project is expected to drive economic growth and development, and support the government’s efforts to diversify the economy.
Born in Nigeria in 1957, Dangote is the founder and chairman of Dangote Group, a conglomerate of companies with interests in various sectors such as cement, sugar, flour, salt, and beverages.
Dangote began his business ventures at a young age, starting with trading in commodities such as rice, sugar, and cement. Over the years, he has expanded his business to become one of the largest industrial groups in Africa.
Dangote’s success can be attributed to his entrepreneurial spirit, risk-taking abilities, and deep understanding of the Nigerian market. He has a strong track record of identifying business opportunities and turning them into successful ventures.
Dangote Group operates in several African countries, including Nigeria, Ethiopia, Senegal, Cameroon, Ghana, and others, and has plans to expand to additional markets in the future.
Dangote is also the driving force behind the Dangote Oil Refinery, a massive 650,000-barrel-per-day oil refinery soon to launch in Lagos, Nigeria.
The world-class facility will be one of the largest oil vertically integrated refineries in the world and is expected to significantly reduce Nigeria’s dependence on imported fuel.
The refinery is a part of the Dangote Oil Refining Company and will produce gasoline, diesel, jet fuel, and petrochemicals.
Nigerian President Muhammadu Buhari is set to commission the refinery, marking a significant milestone in Nigeria’s efforts to develop its domestic refining capacity and reduce its reliance on imported fuel.
In addition to his business interests, Dangote is also known for his philanthropic efforts. He has established the Dangote Foundation, which focuses on improving the quality of life for people in Africa by supporting education, health, and economic empowerment initiatives.
The number of billionaires in Africa increased somewhat in the face of a difficult 2022 despite a $3.1 billion fall in their combined fortune over the previous 12 months.
The wealth of African billionaires has decreased by 4%, or $3.1 billion, according to Forbes’ most recent list of billionaires.
The drop, from $84.9 billion in 2022 to $81.5 billion, surpasses the GDP of 10 African countries, including the Gambia, Guinea-Bissau, Seychelles, and South Sudan.
The decrease follows a significant 15-percent increase in the previous year, due to a surge in stock prices throughout the continent.
Despite a challenging year in 2022, some of Africa’s tycoons managed to recoup their wealth losses through a late-year rally.
The fortunes of these billionaires closely mirrored the fluctuation of the S&P All Africa index, which saw a drop of over 20 percent in the first nine months of 2022, but by January 2023, the index had only declined by three percent.
South African billionaire Johann Rupert, the second-richest billionaire on the continent, saw his net worth decline by $300 million to $10.7 billion (Bloomberg values his wealth at $12.3 billion).
It’s worth noting that the list only features billionaires from seven of Africa’s 54 countries, excluding tycoons such as Sudanese-born Mo Ibrahim, South African Nathan Kirsh, Egyptian Mohamed Al-Fayed, Ethiopian billionaire Mohammed Al-Amoudi, and Nigerian tech entrepreneur Tope Amusan, all of whom are now citizens or residents of other countries.
African billionaires, despite facing a decline in wealth, continue to symbolize the continent’s economic growth. The rise in their numbers and a modest drop in wealth illustrate resilience and adaptability in the face of economic obstacles.
However, the limited representation of tycoons from other countries highlights the unequal distribution of wealth and economic opportunities within Africa.
According to a Forbes Magazine compilation of Africa’s billionaires for 2023, Dangote’s achievement makes it twelve years in a row.
Due to the start-up of an oil and petrochemical refinery later this year, Dangote is anticipated to witness an increase in his net worth.
On the African continent, South African luxury goods magnate Johann Rupert took the second position despite recording a $300 million drop in fortune to $10.7 billion.
In third place was Metals and Mining magnate Nicky Oppenheimer who recorded a fortune of $8.4 billion.
In addition, about 19 billionaires from Africa were worth an estimated $81.5 billion, which is a decline from $84.9 billion recorded a year ago, despite one more billionaire listed in the ranks.
Despite recording a 4 percent drop, billionaires on the continent saw their net worth jump about 15 percent in 2022 due to rising stock prices across various regions.
Their fortunes however plummeted on the back of equity values dropping around the world.
For instance, the All Africa Standards and Poor’s index dropped by more than 20 percent in the first nine months of 2022 impacting the net worth of African billionaires.
This was followed by a late-year rally which saw the index decline by 3 percent through January 13, which was the day Forbes Magazine locked in stock prices and exchange rates for the list.
Meanwhile, only seven billionaires from Africa’s 54 countries made it to the rankings.
See the full list below:
Methodology
The Forbes list tracks the wealth of African billionaires who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen, South African Nathan Kirsh, who operates out of London and another billionaire London resident, Mohamed Al-Fayed, an Egyptian citizen. Strive Masiyiwa, a citizen of Zimbabwe and a London resident appears on the list due to his telecom holdings in Africa.
Net worths were calculated using stock prices and currency exchange rates from the close of business on Friday, January 13, 2023. To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks or days of the measurement date.
With a net worth of $11.9 billion, according to the Bloomberg Billionaires Index, Smith is the richest Black billionaire in the United States, and the second-wealthiest Black person in the world, trailing Africa’s richest man Aliko Dangote who is presently worth $19 billion.
In the past year, Smith’s net worth has increased by $2.95 billion, from $8.9 billion on Jan. 25, 2022, to $11.9 billion at the time of this report, making him the 162nd richest man in the world according to data retrieved by Billionaires.Africa.
His $11.9-billion fortune is made up of his 50-percent stake in Vista Equity Partners, which is valued at $3.9 billion, and another $8 billion from his personal assets in the private equity firm.
With more than $50 billion in assets and a yearly return of 22 percent since its inception in 2000, Vista Equity Partners has quickly grown into an industry leader and is one of the most active private equity investors in the technology sector.
Under Smith’s leadership, the firm continues to leverage its cash holdings and the recent decrease in the valuation of technology companies to take up stakes in companies with enormous economic potential.
In the first half of 2022, Vista Equity added 11 new portfolio companies and closed 18 add-on transactions across its Flagship, Foundation, Endeavor, and Perennial funds.
Recently, Vista Equity entered into a definitive agreement to acquire Duck Creek Technologies, an innovative provider of intelligent solutions for the property and casualty insurance industry.
The all-cash transaction is valued at $2.6 billion and will see Duck Creek shareholders receive $19 per share, representing a 46-percent premium to Duck Creek’s closing stock price on Jan. 6, 2023, the last full trading day prior to the transaction announcement.
Smith’s success and net worth are a testament to his strategic investments in software and technology companies through Vista Equity Partners. He continues to prove his worth in the industry and is a shining example of the potential for wealth creation in the technology sector.
A recent boost in the value of his well-diversified portfolio has helped the South African millionaire, who acquired $125 million in fortune in 2022, get off to a solid start this year, as seen by the $200 million increase in his net worth in just 21 days.
According to data from the Bloomberg Billionaires Index, Oppenheimer has seen his net worth soar from $8.03 billion at the start of the year to $8.23 billion at the time of drafting this report.
The boost in Oppenheimer’s net worth can be attributed to the outstanding performance of his private equity investments, which he manages through Stockdale Street in London and Tana Africa Capital in Johannesburg.
These investments span across Africa, Asia, the United States, and Europe, and have proven to be a sound strategy for the billionaire, allowing him to capitalize on market fluctuations and generate substantial wealth gains.
Oppenheimer has been holding these private equity investments since 2012, when he sold his family’s 40-percent stake in De Beers, the world’s largest diamond producer, to mining conglomerate Anglo-American.
Along with his investments in Stockdale and Tana Africa Capital, a private equity joint venture that he established with Singapore-based investment fund Temasek Holdings.
Oppenheimer also holds investments in 4Di Capital, a South African-focused venture capital firm and Integrated Diagnostics Holdings, a consumer healthcare company with subsidiaries in several countries.
The 650,00-barrel-per-day refinery is slated to be commissioned before the end of the first quarter of 2023, and could give a shot in the arm to Dangote’s fortune.
According to insiders at the Dangote Group who spoke to Billionaires.Africa on the condition of anonymity, the Nigerian billionaire plans to list Dangote Refinery and Petrochemical Ltd. by the first quarter of 2024 at a market capitalization of anywhere between $20 and $25 billion.
Dangote became the first African in modern history to lay claim to a $20-billion fortune in 2013, nearly 10 years ago, when the market capitalization of his cement business crossed the $20-billion market cap mark.
According to figures tracked by the Bloomberg Billionaire Index, Dangote, who is presently worth $19.1 billion, ranks as the world’s 82nd richest man. The billionaire derives the bulk of his net worth from his 86-percent stake in publicly traded Dangote Cement, as well as from other holdings in salt and sugar manufacturing companies, among other assets.
With a net addition of at least $18 billion expected from the $19-billion integrated petrochemical refinery complex minority-owned by the Nigerian National Petroleum Company (NNPC), Dangote is expected to see his wealth increase from $19 billion to well over $30 billion.
Dangote is the founder and chairman of the Dangote Group, a leading manufacturing conglomerate on the African continent’s sugar, salt, oil, fertilizer, and packaged food production.
What you should know about Aliko Dangote’s oil refinery
The Dangote Petrochemical Complex is made up of the Dangote Oil Refinery and the Dangote Petrochemical Plant. The Dangote Petroleum Refinery is located in Ibeju-Lekki, Lagos, to the southeast of the Lekki Free Trade Zone (FTZ) on a land area of about 2,635 hectares (six times the size of Victoria Island).
In August 2021, the Nigerian government approved the sum of $2.76 billion for the state-owned petroleum company, the NNPC, to acquire a 20-percent minority equity stake in the Dangote Refinery.
The state-of-the-art facility will not only enhance the refining capacity of Nigeria but also strengthen the country’s position as a major player in the global oil and petrochemical industry.
The official commissioning date of the refinery has not been announced yet. However, the group has announced that operations at the refinery are expected to commence this year.
According to the Organization of Petroleum Exporting Countries, the Dangote Oil Refinery will account for more than half of Africa’s medium-term refining additions, which are estimated at 1.2 million barrels per day; the refinery, with a capacity of 650, 000 barrels per day, is the largest of all the refinery additions expected across Africa in the medium term, according to OPEC.
The $19-billion project is a strategic move by Dangote and the Nigerian government to strengthen the country’s downstream industry and become a net exporter of refined petroleum products and petrochemicals by 2026.
The anticipated launch of the refinery is poised to not only fulfill Nigeria’s entire demand for refined products, but also generate a surplus for export, thereby establishing a market worth $11 billion annually for Nigerian petroleum products.
The complex will also produce 4 million metric tonnes of jet fuel per day, 65 million liters of premium motor spirits (petrol), 15 million liters of diesel, and 3 billion standard cubic feet of gas.
Rabiu’s net worth has increased by more than $2.4 billion in the last year, from $4.9 billion to $7.6 billion at the time of writing this report. He is currently Africa’s fourth-richest man, behind fellow Nigerian billionaire Aliko Dangote and two South African billionaires, Johann Rupert and Nicky Oppenheimer.
Sawiris, who ranks as the richest man in not only North Africa but also the Arab world, derives the majority of his wealth from his stakes in Adidas and OCI N.V.
Rabiu, who ranks as Nigeria’s second-richest man and now Africa’s fourth-richest man, derives his $7.6 billion fortune from his manufacturing conglomerate, BUA Group, which ranks as one of the fastest-growing manufacturing groups in Africa.
The Nigerian billionaire holds the majority stake in the publicly listed BUA Cement, his flagship cement business, and BUA Foods, which went public in 2022.
BUA Foods operates as the unified food business segment of the Nigeria-based BUA Group. Its operations include the activities of BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited.
Since the company’s shares were listed a year ago on the Nigerian Exchange, Rabiu’s net worth has risen from $4.9 billion to $7.6 billion at the time of this report.
BUA Foods thrives despite adversities in operating environment
Despite challenges in its operating environment, particularly a surge in raw material prices, BUA Foods’ profits at the end of the nine-month period of its 2022 fiscal year rose by more than 17 percent from N58.7 billion ($133.6 million) in the corresponding period of 2021 to N68.8 billion ($156.5 million).
The double-digit increase in the group’s earnings can be attributed to a surge in food demand as both household and industrial consumers stocked up on food items in anticipation of further price increases.
Billionaires often accumulate and increase their wealth by founding and owning stakes in multiple companies. This is because owning multiple businesses provides a consistent source of income and the potential for a sustained increase in profits and valuation.
By diversifying their investments across multiple companies, billionaires can reduce their exposure to risk and increase the chances that at least one of their businesses will be successful. One example of a billionaire who has been successful at building a diverse portfolio of companies is Aliko Dangote.
The leading billionaire, who is worth $18.7 billion, has built his businesses through a combination of strategic acquisitions and organic growth, making him the richest man in Nigeria and Africa.
For example, he recognized the potential for growth in Nigeria’s cement industry and invested heavily in the construction of cement plants and distribution networks. He has also been able to effectively manage his operations while constantly innovating and adapting to market changes.
His top-performing assets, which account for the majority of his wealth, include an 86 percent stake in Dangote Cement Plc, Africa’s largest cement company; an interest in his recently launched fertilizer complex, Dangote Fertilizer Plant; and a 72.3 percent stake in Dangote Sugar Refinery. These are his most valuable assets.
Dangote Cement Plc
His stake in the cement company is worth $8.29 billion
The majority of Dangote’s fortune stems from his 86 percent stake in publicly traded Dangote Cement. With a total capacity of 51.55 million metric tons per year, the cement company is Africa’s largest cement producer.
At the time of writing, Dangote Cement shares were valued at N261 ($0.583), giving the leading cement manufacturer a market capitalization of N4.45 trillion ($10 billion). Dangote’s stake in the cement company is currently valued at $8.29 billion in the market.
Dangote Fertilizer Plant
His stake in the fertilizer plant is worth $5.15 billion
Dangote derives a total of $5.15 billion from Dangote Fertilizer Plant, his fertilizer complex in Lagos, Nigeria.
As the continent’s largest granulated urea fertilizer complex, the $2.5 billion urea fertilizer plant was developed to meet Nigeria’s need for fertilizer, a critical component of establishing food sufficiency for Africa’s most populous country.
Dangote Sugar Refinery Plc
His stake in the sugar business is worth $315 million
Dangote Sugar Refinery Plc, Nigeria’s largest household, and commercial sugar producer, is 72.3 percent owned by Dangote. The company expects to produce 1.5 million metric tons of locally grown sugarcane this year.
Shares in Dangote Sugar were trading at N16.05 ($0.0358) at the time of writing, 31 basis points higher than their opening price on the local bourse on Thursday, giving the company a N195 billion ($435.7 million) valuation.
Dangote’s stake in the sugar company is currently worth $315 million.
NASCON Allied Industries Plc
His stake in the salt and seasoning business is worth $42 million
Dangote, the world’s richest Black person, owns 62.2 percent of Nigeria’s largest salt-processing company, NASCON Allied Industries Plc.
NASCON is a subsidiary of the Dangote Group. The company’s main activities include processing raw salt into refined, edible, and grade salt, as well as manufacturing seasoning products and vegetable oil.
Dangote’s 62.2 percent stake in the company is worth $42 million.
The investments were undertaken in accordance with the Nigeria Sugar Master Plan (NSMP), a 10-year blueprint established in 2012 with the aim of assisting Nigeria in becoming self-sufficient in sugar production.
The investments come from Dangote Sugar, BUA Foods, and Flour Mills of Nigeria, three indigenous companies engaged in sugar crops and processing, according to Zach Adedeji, Executive Secretary of the National Sugar Development Council (NSDC).
Earlier this year, Flour Mills of Nigeria Plc, led by Coumantaros, announced plans to invest N70 billion ($168.3 million) over the next three years to develop its sugar plantation in Nigeria’s northern region.
The investment will also drive the expansion of the group’s Backward Integration Program (BIP) in accordance with the NSMP, as Dangote plans to put in place the necessary infrastructure for the eventual start of full-scale production.
The Federal Government recently extended the implementation phase of the NSMP by an additional ten years, from 2023 to 2033, in order to ensure that the plan’s goals are ultimately reached.
Adedeji stated that the NSMP has “forced indigenous companies to significantly raise investments in the BIP in sugar plantation farming and processing.”
This has boosted the revenue and profit of Dangote Sugar Refinery and the earnings of BUA Sugar Refinery Limited, which operates under the umbrella of BUA Foods, the unified food business segment of BUA Group.
In addition to the three firms that have made the most significant investments in the BIP, Saro Africa Group has also made significant investments after signing a Memorandum of Understanding with the Nasarawa State government for a 15,000-hectare sugar project.
His net worth increased by $1.5 billion in November, according to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the 500 richest people in the world.
This saved losses of $611 million in the first few months of 2022, which is a very remarkable accomplishment.
Aliko Dangote’s 86 per cent ownership of Dangote Cement, worth $8.64 billion, contributed significantly to his riches. His expanding wealth is also due to his $5 billion fertilizer factory, which can generate up to 2.8 million metric tonnes of urea yearly.
The Nigerian billionaire joined Abdul Samad Rabiu, who has seen a considerable boost in his fortune this year, with the billion-dollar increase in net worth that erased his year-to-date wealth loss of $611 million at the beginning of the month.
Aliko Dangote stated that as he continues to strategically invest in his sugar industry in compliance with the objectives of the Nigeria Sugar Master Plan, his investment will create 300,000 jobs for Nigeria. The Dangote Group, the big economic empire which deals mainly in industrial and food products is the most valuable company in West Africa and one of Nigeria’s top private employers.
How Aliko Dangote started his company from scratch will always inspire many entrepreneurs. He borrowed $3,000 from his uncle shortly after receiving his college degree at 21 to import and sell food products in Nigeria. He was successful and was able to pay back the debt in full within three months of operations. But Dangote did not just settle for selling local commodities; he had his eyes set on something bigger- building a global corporation- and he has carried on to become one of the greatest African success stories of today’s generation.
Africa’s billionaires saw their wealth increase significantly in 2021, similar to the previous year, despite the long-term effects of the Covid-19 pandemic on business activities and the operations of companies and financial assets controlled by these ultra-wealthy individuals during the year.
According to Forbes, 18 of these individuals had a net worth of $84.9 billion at the end of 2021, which is 15-percent or $4.7 billion more than their combined net worth of $73.8 billion at the end of 2020.
Billionaires such as Aliko Dangote and Abdul Samad Rabiu have seen their wealth increase by more than $1 billion since the beginning of the year, while Natie Kirsh, Johann Rupert, and Mohammed Al Amoudi have seen their wealth decrease by more than $200 million.
This is how they stand as at January 25, 2022.
#1 Aliko Dangote
Net worth: $20.4 billion
Nationality: Nigerian
For the eleventh year in a row, Nigerian billionaire Aliko Dangote remains the continent’s richest man, with a net worth of $20.4 billion derived from his stake in Dangote Cement Plc, Africa’s largest cement manufacturer.
So far in 2021, the billionaire’s net worth has increased by more than $1.3 billion due to an increase in the share price of his flagship company, Dangote Cement Plc, as investors react to news of the leading cement maker’s planned share buy back program.
#2 Johann Rupert
Net worth: $11.4 billion
Nationality: South African
Johann Rupert, South Africa’s richest man, ranks as the continent’s second-richest man with a net worth of $11.4 billion. The billionaire saw his wealth rise by $3.88 billion in 2021 as shares in his Luxury goods holding company, Richemont, increased by more than 60-percent during the year.
His net worth has dropped by $565 million since the beginning of the year as investors profit from Richemont shares.
#3 Nicky Oppenheimer
Net worth: $8.18 billion
Nationality: South African
Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo-American a decade ago, has a net worth of $8.18 billion, making him the third-richest man in Africa and the second-richest man in South Africa.
The majority of his fortune is held in private equity investments in Africa, Asia, the United States, and Europe through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.
His net worth has increased by $225 million since the beginning of the year, owing to the revaluation of his private equity investments.
#4 Natie Kirsh
Net worth: $7.68 billion
Nationality: Emaswati
Nathan “Natie” Kirsh of Swaziland is the fourth-richest man in Africa, with a fortune of $7.68 billion at the time of writing. Kirsh made his fortune through his ownership of Kirsh Group, a closely held conglomerate that owns a majority stake in the food supply company Jetro Holdings.
So far in 2021, Kirsh’s net worth has dropped by more than $595 million, or 7.2 percent, as a result of a drop in the valuation of his private equity investments.
#5 Abdul Samad Rabiu
Net worth: $7.5 billion
Nationality: Nigerian
With a net worth of $7.5 billion, Abdul Samad Rabiu, the founder of one of Africa’s fastest growing manufacturing conglomerates, BUA Group, ranks as the fifth-richest man in Africa and the second-richest man in Nigeria.
The majority of the billionaire’s wealth comes from his 97 percent stake in his cement company, BUA Cement Plc, while the recent increase in his net worth to $7.5 billion was driven by the recent listing of his consolidated food business, BUA Foods.
#6 Mike Adenuga
Net worth: $6.7 billion
Nationality: Nigerian
Mike Adenuga, the founder of Nigerian telecom company Globacom Limited and majority owner of Nigeria’s pioneer petroleum marketer, Conoil Plc ranks as the third-richest man in Nigeria and the sixth richest on the continent of Africa.
As of press time, January 25, his wealth is valued at $6.7 billion thanks to the valuation of his interest in Globacom Limited, Nigeria’s third-largest telecom service provider.
#7 Mohammed Al Amoudi
Net worth: $6.45 billion
Nationality: Ethiopian
Mohammed Al Amoudi is the richest man in Ethiopia and the seventh-richest man in Africa, with a net worth of $6.45 billion.
The majority of the Ethiopian billionaire’s wealth is derived from his industrial assets in Sweden, Saudi Arabia, Ethiopia, and Morocco, as well as his stake in Svenska Petroleum Exploration, Preem, Sweden’s largest oil refiner, and a 67 percent stake in Samir, Morocco’s sole oil refiner.
#8 Nassef Sawiris
Net worth: $6.29 billion
Nationality: Egyptian
Egypt’s richest man and a scion of Egypt’s richest family Nassef Sawiris ranks as the eighth-richest man in Africa with a wealth of $6.29 billion at the time of drafting this report.
The majority of the Sawiris’ $6.29 billion fortune stems from his stake in Dutch fertilizer producer OCI N.V. and his 3.72 percent stake in German sportswear manufacturer Adidas.
#9 Issad Rebrab
Net worth: $5.1 billion
Nationality: Algerian
Issad Rebrab, the founder and CEO of Cevital and Algeria’s richest man, is the ninth-richest man in Africa, with a fortune of $5.1 billion derived from his business interest in Cevital Group.
Cevital Group is Algeria’s largest privately held company, and it owns one of the world’s largest sugar refineries, capable of producing 2 million tonnes of refined sugar per year.
#10 Naguib Sawiris
Net worth: $3.4 billion
Nationality: Egyptian
With a fortune of $3.4 billion, Naguib Sawiris, the elder brother of Egypt’s richest man, Nassef Sawiris, is the second-richest man in Egypt and the tenth-richest man in Africa.
The billionaire amassed his fortune after selling Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction in 2011. He is currently a shareholder in Orascom TMT Investments and Ora Developers, a real estate developer.
Aliko Dangote, the richest man in Africa, saw his net worth reach $19 billion on Wednesday, the first time since the first week of September. This was made possible by a little increase in the share price of Dangote Cement Plc, his principal business, on the Nigerian Exchange.
According to the Bloomberg Billionaires Index, which gauges and analyses the fortunes of the world’s 500 richest people, Dangote’s net worth increased by $800 million in a single day, from $18.3 billion at the opening of business on Wednesday, Nov. 23, to $19.1 billion.
The increase in his wealth figures above the $19-billion mark can be attributed to widespread optimism on the Nigerian Exchange on Wed., which saw shares in leading companies listed on the local exchange recover strongly after trading at record low levels between August and October.
Dangote Cement is Africa’s largest cement producer, with a 51.55-million-tonne-per-year production capacity spread across ten countries. Dangote owns 86 percent of the cement firm through his manufacturing company, Dangote Industries Limited.
As of press time on Nov. 24, Dangote Cement shares were trading at N262.3 ($0.592) per share, 9.98-percent higher than their starting price on the local exchange on Wednesday.
At the current price level, Dangote’s 86-percent stake in the cement company is worth $8.64 billion, consolidating his position not only as the richest man in Africa but also as the wealthiest Black businessperson in the world.
The recent increase in Dangote Cement shares comes roughly three days after the cement manufacturer announced plans to buy back up to 10 percent of its outstanding shares for N406 billion ($917 million).
The shares that will be repurchased under the share buyback program using the group’s retained profits of N740.32 billion ($1.69 billion) may be held as treasury shares or canceled, resulting in a decrease in share capital.
After enduring a significant decline in his net worth between May and October, Africa’s richest man, Aliko Dangote experienced a significant increase in his wealth figures in the first week of November, propelling him to the position of the world’s 82nd richest man.
According to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people, Aliko Dangote is now wealthier than Chinese-Canadian business executive Changpeng Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange by trading volume.
Changpeng Zhao, who ranks 83rd on the Bloomberg Billionaires Index with a net worth of $18.2 billion at the time of writing this report, derives the majority of his wealth from his 86-percent stake in Binance, the value of which is based on the firm’s March 2022 fundraising round.
Aliko Dangote, who owns an 86-percent stake in Africa’s largest cement maker, Dangote Cement Plc, has a net worth of $18.3 billion, putting him ahead of Changpeng Zhao, whose net worth has dropped by more than 80 percent, or $77 billion, since the start of the year.
While billionaires in the western world have seen their net worth plummet as a result of the recent valuation crisis faced by tech companies around the world, some African billionaires have been somewhat fortunate, losing only a fraction of their wealth since the beginning of the year 2022.
Dangote Cement shares have fallen from N257 ($0.6) to N238 ($0.573) since the start of the year, bringing the group’s market capitalization on the Nigerian Exchange below N4.1 trillion ($9.3 billion).
Despite exhibiting a strong recovery from the COVID-19 pandemic and exceptional wealth growth that caused their total net worth to exceed $84.9 billion at the end of 2021.
When compared to their collective net worth of $73.8 billion in 2020, the amount implies a rise of 15%, or $4.7 billion. Many of Africa’s greatest billionaires will likely struggle to make the Forbes 400 list in 2022.
With 14 of Africa’s 18 billionaires missing from this exclusive list, it’s critical to understand who these people are and what industry they work in, as well as their potential to join the list in the not-too-distant future.
Despite the fact that it now takes $6 billion to make the Forbes 400 richest list, up from $6.4 billion at the start of the year, African billionaires such as Nigerian telecom mogul Mike Adenuga, Algerian billionaire Issad Rebrab, and Egyptian businessman Naguib Sawiris rank among the 14 billionaires who are still far short of the $6-billion mark.
According to data tracked by Billionaires.Africa, these 14 billionaires are presently ranked in this order.
#1 Mike Adenuga
Net worth: $5.7 billion
Nationality: Nigerian
Mike Adenuga, the founder of Nigerian telecom company Globacom Limited and the majority owner of Nigeria’s pioneer petroleum marketer, Conoil Plc, is now the third-richest man in Nigeria, the seventh richest on the African continent, and the 426th richest person in the world.
His net worth has dropped by $1 billion since the beginning of the year, from $6.7 billion in January to $5.7 billion at the time of writing this report, due to a decline in the value of his stake in Globacom Limited, Nigeria’s third-largest telecom service provider.
#2 Issad Rebrab
Net worth: $5.1 billion
Nationality: Algerian
Issad Rebrab, the founder and CEO of Cevital and Algeria’s richest man, ranks 483rd in the world. The Algerian billionaire’s net worth has increased from $4.2 billion in 2020 to $5.1 billion at the time of writing this report, representing a net worth gain of $900 million.
His $5.1-billion fortune stems from the valuation of Cevital, his well-diversified manufacturing conglomerate, which has increased significantly due to increased capacity and robust earnings growth.
#3 Naguib Sawiris
Net worth: $3.4 billion
Nationality: Egyptian
According to Forbes, Naguib Sawiris, the elder brother of Egypt’s richest man Nassef Sawiris, is the second-wealthiest man in Egypt and the 815th richest man in the world, with a fortune of $3.4 billion.
The billionaire amassed his fortune after selling Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction in 2011. He is presently a shareholder in Orascom TMT Investments and Ora Developers, a real estate developer.
#4 Patrice Motsepe
Net worth: $2.7 billion
Nationality: South African
With a net worth of $2.7 billion, Motsepe is the richest Black South African and the world’s 1,067th richest man. The majority of his wealth is derived in gross terms from his 40-percent stake in African Rainbow Minerals (ARM), a South African diversified mining and minerals company.
His net worth has dropped by $200 million as a result of the recent decline in the market value of his stake in ARM, a company he founded in 1997, from $2.9 billion to $2.7 billion at the time of writing this report.
#5 Mohammed Mansour
Net worth: $2.5 billion
Nationality: Egyptian
Mohamed Mansour, an Egyptian billionaire businessman and the world’s 1,151st richest man, is the chairman of Mansour Group, a family conglomerate worth more than $6 billion, according to Forbes.
Mansour derives the majority of his $2.5-billion net worth from the company, alongside his brothers Yasseen and Youssef Sawiris, who are also billionaires.
The Egyptian billionaire played a crucial role in the group’s growth, primarily through GM dealerships in Egypt, which he established in 1975.
Mansour Group has since grown into one of the biggest GM distributors worldwide.
#6 Koos Bekker
Net worth: $2.1 billion
Nationality: South African
Koos Bekker is a South African billionaire businessman and the chairman of Naspers, a leading South African multinational media group.
He was instrumental in the establishment and growth of Prosus, a Naspers subsidiary established as the company’s global Internet assets division under Bekker’s leadership.
The majority of the South African billionaire’s wealth is derived from his holdings of Naspers and Prosus. Since the start of the year, his net worth has decreased from $2.7 billion to $2.1 billion.
#7 Mohamed Al Fayed
Net worth: $1.8 billion
Nationality: Egyptian
Mohamed Fayed, an Egyptian businessman and retail mogul whose primary residence and business interests have been in the United Kingdom since the late 1960s is the world’s 1,504th richest man, according to Forbes, with a net worth of $1.8 billion.
Fayed amassed a fortune in retail after selling his stakes in the London department store Harrod’s to Qatar in a deal valued at $2.4 billion in 2010. Following the sale of Fulham Football Club in 2013, he received a whopping $300 million from U.S. auto parts billionaire Shahid Khan.
#8 Aziz Akhannouch
Real-time net worth: $1.8 billion
Nationality: Moroccan
Aziz Akhannouch is a Moroccan businessman and the country’s Prime Minister since September 2021. His fortune is derived from the Akwa Group, a Moroccan conglomerate with oil and gas investments.
The company also has interests in telecommunications, tourism, hotels, and real estate. The Afriquia brand is used by its service stations.
Akhannouch has a net worth of $1.8 billion, making him one of Africa’s wealthiest men and the world’s 1,586th richest man, according to Forbes.
#9 Mohammed Dewji
Net worth: $1.5 billion
Nationality: Tanzanian
Mohammed Dewji is a Tanzanian billionaire businessman and former politician. He is the owner and CEO of MeTL Group, a Tanzanian conglomerate founded in the 1970s by his father.
MeTL Group has active operations in East, Southern, and Central Africa in textile manufacturing, flour milling, beverages, and edible oils.
Dewji has an estimated net worth of $1.5 billion as of press time, making him the world’s 1,784th richest person and the African continent’s youngest billionaire.
#10 Youssef Mansour
Net worth: $1.5 billion
Nationality: Egyptian
Like his younger brothers, Mohamed and Yasseen Mansour, Youssef Mansour, a director in the family-led Mansour Group, is worth more than $1 billion.
With a net worth of $1.5 billion, the Egyptian billionaire businessman who co-owns Mansour Group with his brothers ranks 1,854th in the world.
He is in charge of the consumer goods division, which includes the Metro supermarket chain and the exclusive distribution rights for L’Oreal in Egypt.
#11 Michiel Le Roux
Net worth: $1.4 billion
Nationality: South African
Michiel Le Roux is a South African billionaire businessman and the founder of Capitec Bank, one of Africa’s largest retail banks.
According to Forbes, the billionaire is worth $1.4 billion, making him the world’s 1,941st richest man.
His net worth has dropped by $300 million since the beginning of the year, from $1.7 billion on Jan. to $1.4 billion at the time of writing.
#12 Strive Masiyiwa
Net worth: $1.2 billion
Nationality: Zimbabwean
Zimbabwe’s richest man Strive Masiyiwa presently ranks as the world’s 2,132nd richest man, with a net worth of $1.2 billion.
Econet Wireless Zimbabwe, which he founded in 1998, has grown to become the country’s largest mobile phone company.
He owns slightly more than half of Econet Wireless Zimbabwe, which is part of his larger Econet Group. The company has stakes in mobile phone networks in Burundi and Lesotho, as well as investments in African fintech and power distribution firms.
#13 Yasseen Mansour
Net worth: $1.1 billion
Nationality: Egyptian
Yasseen Mansour, Egypt’s sixth-richest man and the 2,294th wealthiest man in the world, owns a stake in the family-owned conglomerate Mansour Group.
Aside from his business interests in Mansour Group, Mansour is the chairman of Palm Hills Development, a leading Egyptian real estate group.
#14 Othman Benjelloun
Net worth: $1.1 billion
Nationality: Moroccan
According to Forbes, Othman Benjelloun, who is worth $1.1 billion at the time of writing this report, is the world’s 2,363rd richest man and one of Africa’s richest billionaires.
The Moroccan billionaire is best known for co-founding BMCE Bank of Africa, where he currently serves as chairman and CEO.
Based solely on market capitalization, Benjelloun’s stake in the bank was worth $4 billion in 2021.
After purchasing the Mali-based Bank of Africa, his banking firm BMCE Bank now has a presence in at least 12 African countries.
Wealthiest man in Africa, Aliko Dangote, saw a considerable boost in his net worth at the end of the first week of November.
Shares of his flagship company, Dangote Cement Plc, surged by double digits, staging a recovery from their slump in October.
Dangote’s net worth climbed by $700 million in the past week, going from $17.6 billion on November 1 to $18.3 billion on November 7, according to the Bloomberg Billionaires Index, which measures and compares the fortunes of the world’s 500 richest people.
The performance of his 86 percent investment in Dangote Cement, a publicly traded company, can be blamed for the large increase in his net worth over $18.3 billion, as the share price of the industry leader rebounded quickly after hitting a one-year low near the end of October.
The $700-million bump in his wealth figures was fueled by an 8.8 percent increase in the company’s share price on the Nigerian Exchange from N220.5 ($0.502) on November 1 to N240 ($0.546) at the time of writing this report, as investors on the local bourse renewed buying interest in the company’s shares, which continue to trade below their fair value.
According to Simply Wall St, a Sydney-based research firm, the company’s shares are trading below analysts’ calculated fair price-to-earnings ratio, a financial ratio that compares a company’s valuation to earnings and tells investors how much a company is worth.
The Australian company also revealed that the cement maker’s earnings are expected to grow by 18.83 percent per year and that analysts are unanimous in their prediction that the company’s stock price will rise by 38.8 percent in the short to medium
Leaving aside these estimates, Dangote Cement is struggling to outperform last year’s financial results, with profits falling by double digits at the end of the first nine months of its current fiscal year due to lower demand and rising energy costs.
The group’s earnings dropped by 23.4 percent to N213.1 billion ($486.5 million) at the end of the first nine months of its 2022 fiscal year, from N278.25 billion ($635.2 million) the previous year, according to figures contained in the group’s recently published financial statement, as rising energy and distribution costs ate into its earnings.
In light of the drop in earnings, the billionaire businessman, who is not only Nigeria’s richest man but also Africa’s richest billionaire, may receive a lower dividend next year than the N293 billion ($704.1 million) he received this year.
Dangote’s net worth climbed by $700 million in the past week, going from $17.6 billion on November 1 to $18.3 billion on November 7, according to the Bloomberg Billionaires Index, which measures and compares the fortunes of the 500 richest people in the world.
The significant uptick in his net worth above $18.3 billion can be attributed to the performance of his 86 percent stake in publicly traded Dangote Cement, as the share price of the leading cement company recovered strongly after falling to a one-year low near the end of October.
The $700-million bump in his wealth figures was fueled by an 8.8 percent increase in the company’s share price on the Nigerian Exchange from N220.5 ($0.502) on November 1 to N240 ($0.546) at the time of writing this report, as investors on the local bourse renewed buying interest in the company’s shares, which continue to trade below their fair value.
According to Simply Wall St, a Sydney-based research firm, the company’s shares are trading below analysts’ calculated fair price-to-earnings ratio, a financial ratio that compares a company’s valuation to earnings and tells investors how much a company is worth.
The Australian company also revealed that the cement maker’s earnings are expected to grow by 18.83 percent per year and that analysts are unanimous in their prediction that the company’s stock price will rise by 38.8 percent in the short to medium
Leaving aside these estimates, Dangote Cement is struggling to outperform last year’s financial results, with profits falling by double digits at the end of the first nine months of its current fiscal year due to lower demand and rising energy costs.
The group’s earnings dropped by 23.4 percent to N213.1 billion ($486.5 million) at the end of the first nine months of its 2022 fiscal year, from N278.25 billion ($635.2 million) the previous year, according to figures contained in the group’s recently published financial statement, as rising energy and distribution costs ate into its earnings.
In light of the drop in earnings, the billionaire businessman, who is not only Nigeria’s richest man but also Africa’s richest billionaire, may receive a lower dividend next year than the N293 billion ($704.1 million) he received this year.
Bloomberg in its Billionaires Index has revealed that Aliko Dangote’s net worth has increased by $700 million in the last week, rising from $17.6 billion on November 1 to $18.3 billion on November 7.
The significant uptick in his net worth above $18.3 billion can be attributed to the performance of his 86 percent stake in publicly traded Dangote Cement, as the share price of the leading cement company recovered strongly after falling to a one-year low near the end of October.
The $700-million bump in his wealth figures was fueled by an 8.8 percent increase in the company’s share price on the Nigerian Exchange from N220.5 ($0.502) on November 1 to N240 ($0.546) at the time of writing this report, as investors on the local bourse renewed buying interest in the company’s shares, which continue to trade below their fair value.
According to Simply Wall St, a Sydney-based research firm, the company’s shares are trading below analysts’ calculated fair price-to-earnings ratio, a financial ratio that compares a company’s valuation to earnings and tells investors how much a company is worth.
The Australian company also revealed that the cement maker’s earnings are expected to grow by 18.83 percent per year and that analysts are unanimous in their prediction that the company’s stock price will rise by 38.8 percent in the short to medium
Leaving aside these estimates, Dangote Cement is struggling to outperform last year’s financial results, with profits falling by double digits at the end of the first nine months of its current fiscal year due to lower demand and rising energy costs.
The group’s earnings dropped by 23.4 percent to N213.1 billion ($486.5 million) at the end of the first nine months of its 2022 fiscal year, from N278.25 billion ($635.2 million) the previous year, according to figures contained in the group’s recently published financial statement, as rising energy and distribution costs ate into its earnings.
In light of the drop in earnings, the billionaire businessman, who is not only Nigeria’s richest man but also Africa’s richest billionaire, may receive a lower dividend next year than the N293 billion ($704.1 million) he received this year.
The $19 billion integrated petrochemical refinery complex known as the Dangote Oil Refinery, owned by Africa’s richest man Aliko Dangote’s international manufacturing company, Dangote Industries Limited, has claimed that it is 97 percent complete.
The industrial company recently provided an update on the multibillion-dollar petrochemical complex’s ongoing construction work in Lagos’ Lekki Free Zone, revealing that contractors are working on electrical units, insulation, and testing to finish construction so that production can start.
The disclosure comes more than a month after the Nigerian National Petroleum Company (NNPC), Nigeria’s sole entity licensed to operate in the petroleum industry, announced that the integrated petrochemical refinery complex had been rescheduled to begin operations in mid-2023, as development works at the petrochemical complex progressed.
In the update, Dangote Industries Limited stated that temporary housing for 20,000 employees had been established by the group. This will further solidify the group’s position as the second-largest employer of labor in Nigeria, behind only the Nigerian government.
The refinery project has been long hampered by a number of factors, including a lack of access to foreign currency, an ailing economy, and the COVID-19 pandemic, which disrupted supply chains and delayed the shipping of refinery equipment.
Dangote Industries Limited has submitted an application to raise up to N300 billion ($723 million) through a newly established debt issuance program, which consists of a seven-year Tranche-A bond issued at 12.75 percent and a 10-year Tranche-B bond issued at 13.50 percent, in order to finance the group’s integrated petrochemical complex.
This application is part of a move to expedite the construction work at the petrochemical complex.
The refinery will have the largest vertically integrated plant when its pipeline infrastructure is finished, processing up to 650,000 barrels of Nigerian oil per day once the initial 540,000 barrels per day of processing are completed.
The $19-billion refinery is expected to supply 100 percent of Nigeria’s demand for all refined goods while also having a surplus of petroleum products for export, creating a market for $11 billion in Nigerian petroleum products each year.
As the world’s richest billionaires’ranking continues to shift, with the most recent offset being the emergence of Indian billionaire Gautam Adani as the world’s second-richest man ahead of Amazon Founder Jeff Bezos, some billionaires like Aliko Dangote have seen their wealth ranking improve in recent weeks after losing out several weeks ago.
Dangote, whose net worth has declined by $275 million since the start of the year, dropped out of the top 80 richest billionaires list more than a week ago, as his wealth fell below the $19-billion mark for the first time since Sept. 29, 2021.
After falling out about a week ago, the billionaire, who derives the majority of his fortune from his 86-percent stake in Dangote Cement Plc, Africa’s largest cement maker, is now ranked 74th on the Bloomberg Billionaires Index, a list that tracks the fortunes of the world’s 500 richest people.
Dangote is now not only the richest man in Africa, but also the richest Black man in the world.
His re-entry into the top 80 billionaires list was aided by the decline in the net worth of Indonesian billionaire Michael Hartono, Russian billionaire Alisher Usmanov, and Thomas Frist, a U.S. physician and businessman who is the wealthiest person in Tennessee, a landlocked state in the southeastern United States.
Dangote’s net worth has fallen from $19.1 billion at the beginning of the year to $18.8 billion at the time of writing this report. This equates to a $257-million loss in wealth for the billionaire businessman since the year began.
The drop in his net worth, which began on May 13 when he became the world’s 61st richest man after his net worth surpassed $21 billion for the first time since 2014, can be attributed to a drop in the shares of his publicly traded cement company, Dangote Cement.
Since May 13, shares in the leading cement maker have dropped 18.3 percent, from an all-time high of N300 ($0.697) to N245 ($0.5694) at the time of writing.
The drop in the company’s stock can be attributed to investors’ reaction to its half-year earnings figures, which revealed a double-digit drop in profit in the first half of 2022 due to higher energy costs and unrealized foreign exchange losses.
Alhaji Aliko Dangote GCON (born 10 April 1957) is a Nigerian businessman and philanthropist who is the founder and chairman of Dangote Group, an industrial conglomerate in Africa.
He has an estimated net worth of US$13 billion (May 2020), as of May 2020, making him the 85th wealthiest person in the world and the richest person in Africa.
With the sort of wealth dangote possesses, one would say he can do anything. And can get any woman he desires in Nigeria.
However, it might surprise you to know that the richest man in Nigeria has had his marriage proposal turned down before.
After separating from his first wife, dangote decided to ask for the hands of a pretty maiden.
Well, meet Nafisat Yar Adua.
Yes, you guessed it right. She’s the daughter of former president of Nigeria, late Umaru Musa Yar Adua.
She was asked by Dangote to marry him. But she refused for reasons being that she was a friend to dangote’s daughter, Halima Dangote.
After she refused to wed Aliko Dangote, she got married to a previous legislative leader of Bauchi State named Isa Yugudu who had three spouses before wedding Nafisat Yar Adua, making her his fourth wife.
She currently have four children for him.
What do you think about this? do you support her decision?
