Nigeria’s Dangote Remains Africa’s Richest Man With Cement As His Most Valuable Asset- Forbes
The latest Forbes list of Africa’s richest people has for the tenth year in a row named Nigeria’s Aliko Dangote as the continent’s richest person. The billionaire is now worth $12.1 billion, up by $2 billion from last year’s list thanks to a roughly 30% rise in the share price of Dangote Cement, by far his most valuable asset.
Egypts Nassef Sawiris, whose largest asset is a nearly 6% stake in sportswear maker Adidas came second on the list while South Africa’s Nicky Oppenheimer, who inherited a stake in diamond firm DeBeers and ran the company until 2012 when he sold his family’s 40% stake in DeBeers to mining giant AngloAmerican for $5.1 billion came third.
The biggest gainer this year is another Nigerian cement tycoon, Abdulsamad Rabiu. Remarkably, shares of his BUA Cement PLC, which listed on the Nigeria Stock Exchange in January 2020, have doubled in value in the past year. That pushed Rabiu’s fortune up by an extraordinary 77%, to $5.5 billion. One thing to note: Rabiu and his son together own about 97% of the company, giving the company a tiny public float. The Nigerian Stock Exchange requires that either 20% or more of a company’s shares to be floated to the public, or that the floated shares are worth at least 20 billion naira — about $50 million — a paltry sum, to be sure. A spokesman for the Nigerian Stock Exchange told Forbes that BUA Cement meets the second requirement. (Forbes discounts the value of stakes when the public float of a company is less than 5%.)
While some got richer by the billions, two from the 2020 list of Africa’s richest dropped below the $1 billion mark. In fact, the only two women billionaires from Africa have both fallen off the list. Forbes calculates that the fortune of Folorunsho Alakija of Nigeria, who owns an oil exploration company, dropped below $1 billion due to lower oil prices. And Isabel dos Santos, who since 2013 has been the richest woman in Africa, was knocked from her perch by a series of court decisions freezing her assets in both Angola and Portugal. In January 2020, the attorney general of Angola charged Dos Santos with embezzlement and money laundering. The Angolan court claimed that actions taken by Dos Santos, her husband Sindika Dokolo (who died in October 2020, reportedly in a scuba diving accident) and one other associate caused the Angolan government losses of at least $1.14 billion. Forbes has marked Dos Santos’ frozen assets at zero. Through a spokesperson, Dos Santos declined to comment.
The 18 billionaires from Africa hail from seven different countries. South Africa and Egypt each have five billionaires, followed by Nigeria with three and Morocco with two. Altogether they are worth $73.8 billion, slightly more than the $73.4 billion aggregate worth of the 20 billionaires on last year’s list of Africa’s richest people.