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Top Three Billionaires In West Africa

 

One country in West Africa made it to the list of seven countries in Africa that produced the top 18 richest men in Africa who also made the list of richest men in the world, according to Forbes.

In West Africa, Nigeria was the only country to make the list with three billionaires earning the 1st, 5th and 6th positions among the top 18 richest men in Africa. They include Mike Adenuga who supported himself as a student by working as a taxi driver.

Forbes used stock prices and currency exchange rates from January 19, 2022, to measure the net worth.

Aliko Dangote

Aliko Dangote is the richest man in West Africa. He also holds an eleven-year in-a-row title as the richest man on the African continent. At the time the 2022 ranking was done, Dangote had a net worth of $13.9B as of January 23, 2022. He was the 130th richest man in the world.

However, as of August 2, 2022, Dangote had a net worth of $13.4B and is the 134th richest man in the world. He is a Nigerian, 65 years old. His source of wealth is cement, and sugar, and is self-made.

He is resident in Lagos, Nigeria. He is divorced and has three children. He holds a Bachelor of Arts/Science, Al-Azhar University.

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His net worth has gone up from $12.1 billion last year following a 30% increase in the stock price of Dangote Cement, his most valuable asset. He founded and chairs Dangote Cement, the continent’s largest cement producer. He owns 85% of publicly-traded Dangote Cement through a holding company.

Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.

After many years of development, Dangote’s fertilizer plant in Nigeria began operations in mid-2021.

Dangote Refinery has been under construction since 2016 and is expected to be one of the world’s largest oil refineries once complete.

 

Abdulsamad Rabiu

Abdulsamad Rabiu is the 2nd richest man in West Africa. He also holds the title of the 5th richest man in the African continent. He was the 350th richest man in the world with a net worth of $7B for the year 2022 as of January 23, 2022.

At the time of filing this report, his Real Time Net Worth was $5.8B, making him the 421st richest man in the world today.

Rabiu is 61 years old. His source of wealth is cement and sugar. He is a Nigerian, resident in Lagos, Nigeria. He is married. He is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.

In early January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled. The combined firm, called BUA Cement Plc, trades on the Nigerian stock exchange; Rabiu owns 98.5% of it.

Rabiu, the son of a businessman, inherited land from his father. He set up his own business in 1988 importing iron, steel and chemicals.

Mike Adenuga

Mike Adenuga is 69 years old. A Nigerian citizen. His source of wealth is telecom and oil and is self-made. He is resident in Lagos, Nigeria. He is married with seven children. He holds a Master of Business Administration, Pace University in New York, supporting himself as a student by working as a taxi driver.

He is the 3rd richest man in West Africa. He also holds the title of the 6th richest man in Africa. In the 2022 ranking of Africa’s billionaires, his net worth was $6.7B, making him the 324th richest man in the world as of January 23, 2022.

As of the time of filing this report, Adenuga had a Real Time Net Worth of $6.2B, earning him the 394th richest man in the world.

Adenuga, Nigeria’s second richest man, built his fortune in telecom and oil production. His mobile phone network, Globacom, is the third largest operator in Nigeria, with 55 million subscribers.

His oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta.

He made his first million at the age of 26 selling lace and distributing soft drinks.

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Written by PH

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