Forbes latest ranking of the world’s billionaires has seen Nigeria’s Aliko Dangote retain his spot as the richest man in Africa.
According to Forbes, the owner of Dangote Group, Nigeria’s largest conglomerate, now has $11.5 billion from $8.3 billion in 2020.
Although Dangote’s $11.5 billion was still lower than his 2018 highs of $14.1 billion, the fact that he saw his net worth grow by over $3 billion during the pandemic showed not just his resilience but his controversial ability to monetise his influence in the country with the world’s highest number of poor people and second-highest unemployment.
Dangote has faced criticism for using his political connections to maximise profit at the expense of competitors and everyday Nigerians. His cement and sugar products are still amongst the most expensive in the world, despite getting vast concessions to produce at home at reduced tax rates.
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He has, however, denied allegations of cronyism, touting himself as the largest employer of labour with a business that only operates to the benefit of Nigerians.
Dangote’s oil refining facilities are expected to commence operation in another year or two, and analysts said his net worth would likely jump given Nigeria’s position as a high consumer of petrol and other finished hydrocarbons.
The founder of Dangote Cement, Africa’s largest cement producer, was ranked 191st richest man in the world, according to the latest ranking.
Meanwhile, Nigeria’s second richest man, Mike Adenuga, was ranked 5th richest in Africa, and 440th richest in the world with an estimated worth of $6.1 billion.
Also, founder of BUA Group, Abdulsamad Rabiu, another Nigerian cement tycoon, emerged 6th richest in Africa, and 574th richest in the world with an estimated worth of $4.9 billion
