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Dangote Slides To 191 Richest Man As Wealth Declines By $600m

Ololade Omosan-Agie

Forbes latest ranking of world billionaires has revealed that Nigeria’s and Africa’s richest, Aliko Dangote’s has dropped to 191st richest in the world with a networth of $11.5bn.

The US based magazine had ranked Dangote as the 162nd richest and 132nd richest in 2020 and 2019 respectively.

The Founder and Chairman of Dangote Cement, the continent’s largest cement producer and Dangote Sugar had seen his revenue from cement cross N1trn to N1.03trn ($2.7bn) last year at N379 per dollar.

Just this January, the billionaire was worth $12.1bn as a result of a 30 per cent rise in the share price of Dangote Cement.

But with the new figures, Dangote has shed $600m from the January ranking by Forbes, however up by $3.2bn from the $8.3bn in 2020.

According to Forbes, the 63-year old billionaire saw the peak of his wealth in 2018 when he was valued at $14.1bn followed closely by his 2017 wealth value of $12.2bn.

Dangote Cement share price currently trades N215 per share and market capitalisation on the Nigerian Stock Exchange is N3.66trn ($9.66bn).

The billionaire’s sugar company also pulled a revenue of N214bn ($565.4m) in 2020, a company he controls 653,095,014 shares representing 5.38 per cent of total shares.

Despite falling to 191 on the list, the Nigerian is the only African in the top 357th position.

Egypt’s Nassef Sawiris is Africa’s 2nd richest and 297th richest in the world with $8.3bn net worth according to forbes.

Sawiris was in 2020 ranked number 330 in the world with $5bn net worth.

South Africa’s Johann Rupert & family emerged the 358th richest in the world and 3rd  richest in Africa with $7.1bn.

His wealth jumped by $3bn from $4.6bn in 2020 to $7.1bn, according to Forbes. In 2018 and 2019 he was worth $7bn and $5.5bn respectively.

Apart from Dangote another Nigerian who made it to the top 500 wealthiest was the founder of Glo, Mike Adenuga who is currently worth $6.1bn and number 440 in the world from number 286 last year.

In Africa, Adenuga is number 5 down from number 3 in 2020. Between 2019 to 2021, Adenuga has lost $3.1bn.

In the 574th position and 6th in Africa was Abdulsamad Rabiu, founder of BUA Group as his wealth added $2bn to reach $4.9bn from $2.9bn in 2020.

Rabiu was previously ranked number 712 in the world and number 8 in Africa in 2020.

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