Dangote named Africa’s richest for seventh year

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has been rated as the richest man in Africa by Forbes.
Dangote, ranked Africa’s richest with a net worth that Forbes pegged at $12.2 billion, is being so declared for the seventh year running.
The Nigerian billionaire’s net worth recorded an increase of about $100 million from last year.
Similarly, Forbes noted that Bill Gates maintained his position as the richest man in the world with a net worth of $86 billion, while Warren Buffet and Jeff Bezos were second and third consecutively with a net worth of $75.6 billion and $72.8 billion.
“Dangote is looking beyond cement – his most valuable asset – and has been investing in a fertilizer production company and a large oil refinery. Dangote Fertilizer is expected to start operations in the second quarter this year,” Forbes said in its report.
Placed second on the list of African richest people is diamond mining heir, Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from last year.
While there are eight South Africans on the list, making it the African country with the most billionaires, Nigeria has three.
Earlier, Dangote had been named the only African selected among Bloomberg’s world 50 best persons in the year 2017.
Although names of notable Nigerians were dropped from the billionaires’ lists, Globacom chairman, Mike Adenuga, with a net worth of $5.3 billion was adjudged the 5th richest man in Africa and Folorunsho Alakija, whose estimated $1.6 billion fortune lies in oil exploration firm was adjudged as the 15th richest person in Africa.
In 2017, South Africa and Egypt tied with six billionaires each on the list.