Mike Adenuga is closing in on Aliko Dangote as Africa's richest man

  • Mike Adenuga is closing in on Aliko Dangote as Africa's richest man

Mike Adenuga is closing in on Aliko Dangote as Africa's richest man

He dropped from a net worth of $7.1 billion down to $5.3 billion, a staggering 26.4% decline.

He is now just $800million away from Dangote Group President Aliko Dangote, whose wealth dipped to $10billion, from $12 billion previous year.

This is according to Forbes' Africa Billionaires List released on Wednesday.

The global magazine also listed Mike Adenuga, Chairman/Chief Executive Officer of Globacom who has interests in investments in oil and gas, real estate and other concerns moved up to become the second richest man in Africa.

On the home front, the wealthiest man in South Africa is Nicky Oppenheimer with a net worth of $7.7 billion in 2018 down to $7.3 billion.

The American magazine said Adenuga's net worth dramatically increased from $5.3bn to $9.2bn because he provided more detailed information about his assets.

Alongside Aliko Dangote and Mike Adenuga Jnr who made the first and second position respectively, Abdulsamad Rabiu, chairman of BUA Group with a total net worth of $1.6 billion was ranked 16th and Folorunsho Alakija who is the vice chairman of Famfa Oil with a net worth of $1.1 billion was ranked 19th on the list.

The merger between Rabiu's Kalambaina Cement firm with the Cement Company of Northern Nigeria, which he controlled, in December, last year, was formally consummated in Sokoto earlier this week. He now owns 97 per cent of the entity.

Mike Adenuga was one of the only billionaire that became richer a year ago and he neither pays tithes nor gives first fruit.

Kalambaina, which operates a new cement production facility, started selling cement mid-last year just as Rabiu's OBU Cement has expanded its operations, adding a new production line.

Alakija owns a stake in one of the most productive oil fields in Nigeria, now operated by Chevron.

The rank was a tie with South African banker, Michiel Le Roux. (Unitel did not respond to a request for comment.) Nigeria's Alakija owns a stake in one of the most productive oil fields in Nigeria, now operated by Chevron.

Dangote, according to the magazine, was closely followed on the rich list by another Nigerian - the Chairman of Globacom, Mr. Mike Adenuga, who was ranked the second richest person in the continent, with total net worth of $9.2 billion. "All but four members on the list have smaller fortunes than a year ago". Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe.