This milestone reflects a $2.16 billion year-to-date increase in his fortune, with a recent $430 million valuation gain contributing to the surge.

Just days earlier, Dangote’s net worth stood at $29.8 billion; only $200 million shy of the mark.

The impressive rise aligns with the expansion of his industrial empire, particularly the completion of a $160 million cement plant in Attingué, about 30 km north of Abidjan, Côte d’Ivoire.

The 50-hectare facility boasts an annual capacity of three million metric tonnes, making it one of Dangote Cement’s largest sites outside Nigeria.

With the new plant, the company’s total installed capacity across Africa now stands at approximately 55 million tonnes per year, spread across 11 countries.

Dangote also has his eyes set on the oil sector, announcing plans to more than double his refining operations to 1.4 million barrels per day. This expansion would see the Dangote Group surpass the output of the world’s current largest refinery in Jamnagar, India, which produces 1.36 million barrels per day.

Reports further suggest that within the next year, Dangote Refinery plans to sell between 5% and 10% of its shares on the Nigerian Exchange (NGX) Limited.

Since the launch of the $20 billion Dangote Oil Refinery in May 2023: which began operations in October of that year with a production capacity of 370,000 barrels of diesel and jet fuel daily; Dangote’s wealth trajectory has been notably dynamic.

In October 2023, shortly after the refinery’s commissioning, Bloomberg ranked him as the 81st richest person globally, with a net worth of $20.4 billion. However, his fortune experienced fluctuations before rebounding dramatically.

At the start of 2024, South African billionaire Johann Rupert briefly overtook him as Africa’s richest man, boasting $10.3 billion compared to Dangote’s $9.5 billion. Dangote soon reclaimed the top spot, with his net worth surpassing $20 billion by late January 2024 after a +$282 million valuation jump and a year-to-date gain of $6.91 billion.

Although market fluctuations saw his fortune dip mid-2024—dropping from $13.8 billion in July to $13 billion in October—Dangote’s wealth rebounded strongly to $27.8 billion by the end of the year.

By August 2025, his net worth had climbed to $29.3 billion, and now, as of October, the Nigerian industrialist has officially entered the $30 billion club.

Dangote’s continued rise underscores his expanding influence across Africa’s industrial landscape—from cement to oil refining—solidifying his position as not only the continent’s richest man but also one of its most transformative business figures.

He said Africa should stop waiting for foreign investors and start backing local businesses as the true engine of development.

Speaking during a Fireside Chat at the Afreximbank Annual Meetings in Abuja, Aliko Dangote declared that no meaningful development will happen in Africa without empowering indigenous businesses.

“If local businesses don’t believe in their country—with all the information and exposure they have to turn things around—how can you convince foreign investors that things are better?” he asked pointedly.

Aliko Dangote argued that African countries must prioritise local industry over external capital, insisting that sustainable economic transformation must come from within.

“It is local businesses that will bring the real development, not foreign investors,” he emphasized.

He added that just as American leaders advocate “America First,” it is time for Africa to embrace an ‘Africa First’ philosophy, leveraging the continent’s vast natural and human resources to fuel homegrown prosperity.

Aliko Dangote also acknowledged the harsh realities of doing business across the continent. He pointed to regulatory instability, policy inconsistency, and hostile business environments as key challenges stifling local enterprise.

“Each time there’s a change in political leadership, new governments often reverse the gains of the previous ones,” he lamented. “That hurts businesses and makes it hard for them to grow.”

Despite these hurdles, Aliko Dangote believes African governments can raise the needed capital for infrastructure and development from within the continent, especially if they build alliances and support policies that favour indigenous firms.

The CEO of Dangote Group sent a clear and urgent message: “Africa’s transformation won’t be imported. It must be built by Africans, for Africans, starting with bold investment in local business”.

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His net worth now stands at $23.2 billion, according to the Bloomberg Billionaires Index, after Dangote Cement shares fell to ₦480 on the Nigerian Stock Exchange on Wednesday.

Dangote owns 86% of Dangote Cement Plc, making him the largest shareholder in Nigeria’s biggest cement producer. As the company’s valuation slid, the billionaire’s fortune took a direct hit.

Beyond cement, Dangote’s business empire spans several sectors. He holds stakes in Dangote Sugar, NASCON Allied Industries, United Bank for Africa, and the Dangote Refinery—his most significant asset. The refinery, which started operations in 2024, is valued at $20 billion, with Dangote holding 92.3% of the ownership. He also owns a fertilizer plant with an annual production capacity of 2.8 million tonnes of urea.

His investments include real estate as well. He owns six residential and commercial properties in Lagos—Africa’s largest city—which are valued using capitalization rates provided by CBRE Broll Nigeria and confirmed by his spokesperson, Anthony Chiejina.

Most of Dangote’s holdings are listed on the Nigerian Stock Exchange, making his net worth sensitive to market fluctuations. This recent loss stresses the instability of public markets and the financial risks faced even by high-profile investors.

]]> https://www.adomonline.com/i-regret-not-buying-arsenal-dangote/ Tue, 24 Sep 2024 17:27:13 +0000 https://www.adomonline.com/?p=2452662 Nigerian billionaire Aliko Dangote has expressed regret over missing the opportunity to purchase Arsenal when the club’s valuation was significantly lower.

Dangote, who is the President and Chief Executive Officer (CEO) of Dangote Group revealed that he wished he had acquired the London club when it was valued at approximately $2 billion.

In an interview with Bloomberg’s Francine Lacqua in New York, he revealed that his commitment to his refinery project prevented him from making the investment.

“I think that time has passed,” he stated. “Last time we spoke, I mentioned that as soon as I finish with the refinery, I would try to buy Arsenal. However, everything has increased in value since then, and Arsenal is performing exceptionally well right now. At that time, the club was not in a good place.”

Dangote admitted that he currently lacks the excess liquidity to invest $4 billion in a football club, stating, “I will continue to be Arsenal’s biggest fan. I watch their games whenever they play. However, I don’t think it makes sense for me to buy the club today.”

When asked if he regretted not investing when Arsenal was less valued, he acknowledged, “I actually regret not buying it earlier, but my financial resources were primarily needed to complete my project (the Dangote refinery). I could have purchased the club for $2 billion, but that would have hindered my ability to finish my refinery project. It was either completing that or buying Arsenal.”

In 2020, Dangote announced his intention to pursue ownership of the North London club after completing the refinery. As the richest person in Africa, he founded Dangote Group in 1981, which has grown into the largest conglomerate in West Africa.

The 20 billionaires on its list are worth a combined $82.4bn (£64.8bn).

“The continent remains one of the world’s toughest places to build – and hold on to – a billion-dollar fortune,” the business magazine says.

Its list tracks the wealth of African billionaires who reside in Africa or have their primary business there.

Mr Dangote’s fortune rose by $400m over the last year to a net worth of $13.9bn, Forbes said.

The 66-year-old businessman made his fortune in cement and sugar – and last year opened an oil refinery in Nigeria’s economic hub of Lagos.

Since Bola Tinubu took over as president in May, following disputed elections, the value of the local currency the naira has plummeted and the removal of a fuel subsidy has sent prices sky-rocketing.

Forbes said Mr Dangote retained his top ranking despite the naira’s devaluation “that offset the rising share price of Dangote Cement”.

South African luxury goods magnate Johann Rupert held on to the number two spot with another South African, former diamond miner Nicky Oppenheimer, in the third spot.

South Africa has another four people on the rich list, followed by Egypt with five, Nigeria with four and Morocco with two. Algeria, Tanzania and Zimbabwe each have one billionaire.

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This is nearly seven years after the introduction of the Africa-wide passport which is meant to remove restrictions on Africans’ ability to travel, work, trade and live within the 54 countries on the continent.

The phenomenon is not only impacting negatively on the free movement of persons but has also failed to boost intra-African trade and investment opportunities for many African countries.

Suffering the brunt of the ineffective Africa-wide passport in three African countries, Nigerian businessman and industrialist, Aliko Dangote, who made this known at a session of the 30th Annual General Meeting (AGM) of the Afreximbank in Accra, said the situation was unfair especially when those countries give access to holders of passports issued by the European Union (EU) and the United Kingdom (UK).

Sharing personal experience

Recounting a personal experience, the industrialist decried a situation where “I have the AU passport which allows people to move around in the continent but until now there are about three countries who still do not agree to the usage of those passports.

“We go with a British guy or maybe a Nigerian holding a British passport (and) he is allowed in that country, but we are still arguing and debating about my visa and I am the one with the money. If you are making life difficult for me, there is no way I will go and invest in your country.”

Show commitment

The Chairman and Chief Executive Officer (CEO) of the Dangote Group, the largest industrial conglomerate in West Africa said it was difficult to understand why some of the countries in Africa still deny holders of the African passport entry.

He said this was in spite of the fact that the passport was supposed to ensure free movement of African citizens and goods through the union’s 54 member states.

He said there was a need for countries in the continent to show more commitment to boost intra-African trade and investment opportunities, by supporting visas on arrival for Africans.

He explained that the countries must be deliberate in liberalising integration and allow for easy entry and exit of Africans to facilitate trade.

“For me, this is the right step to help boost inter-and intra-African trade as well as investment opportunities in the continent,” he said.

“When we were investing all over Africa, we invested about $620 million in South Africa and then Angola reached out to us to channel some of our investment towards its direction but we denied them because securing visa to that country was difficult for Africans,” he said.

Free trade

Mr Dangote noted that while countries were putting stringent measures to deny access to legitimate investors, smugglers were using the porous land borders to prior their trade.

“Smugglers do not use visas, they come through the land borders but me that I am legitimate and want to invest you are harassing me. The smugglers are having free trade through the land borders as we speak,” he said.

He said after Saudi Arabia took steps to streamline their visa processes and procedures it has opened the country’s economy and now its citizens are now benefiting from tourist arrivals.

He added that the continent needs a united front to implement the African Continental Free Trade Area (AfCFTA) agreement to be able to create the largest free trade area in the world measured by the number of countries participating.

According to Forbes Billionaire Ranking seen on Sunday, Dangote’s net worth has dropped by 20.7% amid the naira devaluation implemented by the Central Bank of Nigeria (CBN).

Ripples Nigeria previously reported that CBN devalued the naira, which caused the value of the Nigerian currency to drop by 40.5% since the devaluation took place last week Wednesday.

The naira to dollar exchange rate closed Friday’s trading with N663.04/$1, up from N471.67/$1 on Tuesday, as a result of the devaluation.

Amid the decline in the value of the naira, which is the denomination Dangote’s wealth is based on, the Nigerian billionaire fell to the second position on Africa’s richest list, while Rupert took the first spot.

Dangote’s wealth dropped by $2.80 billion to $10.7 billion, from $13.5 billion, costing him the richest man position for the first time since 2008, when he debuted on the Forbes Billionaire Index.

Meanwhile, Rupert became the richest man in Africa after his net worth increased by $1.3 billion from $10.7 billion to $13.5 billion.

Although, according to Bloomberg Billionaire Index, Dangote remains the richest man in Africa with $16.8 billion, recording a year-to-date loss of $1.86 billion.

Rupert was placed on the second spot with a net worth of $13.6 billion, with a year-to-date gain of $2.67 billion.

Note that Forbes and Bloomberg use different methodologies to arrive at the richest man in the world or Africa list, hence the difference in net worth and position of Dangote and Rupert.

Two officials of the company told the BBC the company service bus was ambushed on Wednesday morning in Ada’a Berga district, less than 90km (56 miles) west of the capital Addis Ababa.

A senior official at the company told the BBC that 17 staff members who were on their way to a mineral extracting site had not returned yet.

According to the company, it is the largest cement plant in the country.

There has been no immediate comment from the Oromo Liberation Army, which has repeatedly been accused of extorting cash from people.

Alhassan, speaking in an interview, shared that Dangote wanted to inject money into the Ghana Premier League club by way of sponsorship, in memory of his friend John Evans Atta-Mills, who served as the club’s board chairman.

According to him, the offer was made through former Tema MCE, Kempes Ofosu Ware, but fell through at the last minute after a club official interfered.

“Dangote wanted to support Hearts of Oak with a big sponsorship but he pulled out because of someone’s personal interest,” the former supporters’ chief told Accra-based Angel FM.

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“Dangote wanted to sponsor Hearts of Oak to honour Professor Mills because of their relationship. Kempes Ofosu Ware was the MCE at Tema. Kempes finished everything only for someone to say over his dead body.

“I was part of the delegation that went to Nigeria. Myself, Kempes and three others. Togbe Afede had travelled and instructed that the letter be sent to the desk. At the board meeting, the issue was never raised. Kempes gave us Ishmael Addo, Don Bortey, Bossman, and others,” he added.

Dangote, who is a strong Arsenal fan, previously wanted to buy the Premier League side which is currently owned by Kroenke Sports & Entertainment.

The Nigerian is the founder and Executive Chairman of the Dangote Group, producers of Dangote Cement and other products on the continent.

Dangote, whose net worth has declined by $275 million since the start of the year, dropped out of the top 80 richest billionaires list more than a week ago, as his wealth fell below the $19-billion mark for the first time since September 29, 2021.

After falling out about a week ago, the billionaire, who derives the majority of his fortune from his 86-percent stake in Dangote Cement Plc, Africa’s largest cement maker, is now ranked 74th on the Bloomberg Billionaires Index, a list that tracks the fortunes of the world’s 500 richest people.

Dangote is now not only the richest man in Africa, but also the richest Black man in the world.

His re-entry into the top 80 billionaires list was aided by the decline in the net worth of Indonesian billionaire Michael Hartono, Russian billionaire Alisher Usmanov, and Thomas Frist, a U.S. physician and businessman who is the wealthiest person in Tennessee, a landlocked state in the southeastern United States.

Dangote’s net worth has fallen from $19.1 billion at the beginning of the year to $18.8 billion at the time of writing this report. This equates to a $257-million loss in wealth for the billionaire businessman since the year began.

The drop in his net worth, which began on May 13 when he became the world’s 61st richest man after his net worth surpassed $21 billion for the first time since 2014, can be attributed to a drop in the shares of his publicly traded cement company, Dangote Cement.

Since May 13, shares in the leading cement maker have dropped 18.3 per cent, from an all-time high of N300 ($0.697) to N245 ($0.5694) at the time of writing.

The drop in the company’s stock can be attributed to investors’ reaction to its half-year earnings figures, which revealed a double-digit drop in profit in the first half of 2022 due to higher energy costs and unrealized foreign exchange losses.

Dangote, who has a net worth of $14 billion, was responsible for the renovation of the MKO Abiola stadium in Abuja which will host the return leg of the World Cup qualifier against Ghana.

The billionaire made the vow known when he was touring the stadium on Thursday, February 3rd, 2022.

Dangote told reporters: “It is not only important to me, it is important to all of us here, that is what will make us proud as Nigerians. If Nigeria does not qualify I won’t go there.”

Nigeria happens to be a regular at World Cup qualifiers, having made it to the World Cup six times in the past seven tournament (1994, 1998, 2002, 2010, 2014 and 2018) will now battle Ghana for a spot in the World Cup.

The playoff round matches will take place next month with the first leg to take place in Ghana and the return leg to be held at the newly renovated stadium in Abuja.

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In the video, the duo seemed to be having a good time as they engage in a conversation at a venue that appeared to be a conference.

The actor took to his Instagram page to share the video from the lovely moment and dropped a bold statement coupled with life and financial titbits.

He wrote: We don’t spend money. Money circulates. We spend time. You lose money today you can always make it back because the money is still in the system.

All the money on the planet is still on the planet. it didn’t go anywhere. But where is it? Men say time passes. Time says men pass.

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I pray you have the wisdom and know how to use your cash in ways that will multiply your finances. Understand money and how it’s used. Stop chasing money. Chase ideas. Money always follows ideas. #GetFinancialKnowledge #LEADERSHiP.

Mr Michel’s post has generated massive reactions from fans and followers.

Watch the video below:

View this post on Instagram

A post shared by MM™️ (@majidmichelmm)

For the tenth year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth $12.1 billion, up by $2 billion from last year’s list thanks to a roughly 30% rise in the share price of Dangote Cement, by far his most valuable asset.

The second richest is Nassef Sawiris of Egypt, whose largest asset is a nearly 6% stake in sportswear maker Adidas. At number three: Nicky Oppenheimer of South Africa, who inherited a stake in diamond firm DeBeers and ran the company until 2012, when he sold his family’s 40% stake in DeBeers to mining giant AngloAmerican for $5.1 billion.

The biggest gainer this year is another Nigerian cement tycoon, Abdulsamad Rabiu. Remarkably, shares of his BUA Cement PLC, which listed on the Nigeria Stock Exchange in January 2020, have doubled in value in the past year.

That pushed Rabiu’s fortune up by an extraordinary 77%, to $5.5 billion. One thing to note: Rabiu and his son together own about 97% of the company, giving the company a tiny public float.

The Nigerian Stock Exchange requires that either 20% or more of a company’s shares to be floated to the public, or that the floated shares are worth at least 20 billion naira — about $50 million — a paltry sum, to be sure.

A spokesman for the Nigerian Stock Exchange told Forbes that BUA Cement meets the second requirement. (Forbes discounts the value of stakes when the public float of a company is less than 5%.) 

While some got richer by the billions, two from the 2020 list of Africa’s richest dropped below the $1 billion mark. In fact, the only two women billionaires from Africa have both fallen off the list. 

Forbes calculates that the fortune of Folorunsho Alakija of Nigeria, who owns an oil exploration company, dropped below $1 billion due to lower oil prices.

And Isabel dos Santos, who since 2013 has been the richest woman in Africa, was knocked from her perch by a series of court decisions freezing her assets in both Angola and Portugal. In January 2020, the attorney general of Angola charged Dos Santos with embezzlement and money laundering.

The Angolan court claimed that actions taken by Dos Santos, her husband Sindika Dokolo (who died in October 2020, reportedly in a scuba diving accident) and one other associate caused the Angolan government losses of at least $1.14 billion. 

Forbes has marked Dos Santos’ frozen assets at zero. Through a spokesperson, Dos Santos declined to comment.

The 18 billionaires from Africa hail from seven different countries. South Africa and Egypt each have five billionaires, followed by Nigeria with three and Morocco with two. Altogether they are worth $73.8 billion, slightly more than the $73.4 billion aggregate worth of the 20 billionaires on last year’s list of Africa’s richest people. See the full list of Africa’s billionaires here.

METHODOLOGY

Our list tracks the wealth of African billionaires who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen and billionaire London resident Mohamed Al-Fayed, an Egyptian citizen. Strive Masiyiwa, a citizen of Zimbabwe and a London resident appears on the list due to his telecom holdings in Africa.

We calculated net worths using stock prices and currency exchange rates from the close of business on Friday, January 8, 2021. To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks-or days-of our measurement date.

1. Aliko Dangote

Net worth: $12.1 billion
Rank in 2020: 1
Net worth in 2020: $10.1 billion
Self-made
Origin of wealth: Cement, sugar
Industry: Manufacturing
Age: 63
Country: Nigeria
Residence: Lagos
Education: Al-Azhar University, Bachelor of Arts/Science

Aliko Dangote, Africa’s richest person, 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 produces 45.6 million metric tons annually and has operations in 10 countries across Africa. Dangote also owns stakes in publicly-traded salt and sugar manufacturing companies.

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

Did you know?

Dangote’s grandfather was a successful trader of rice and oats in Kano, Nigeria’s second-largest city. Dangote told Forbes that when he was young, he bought sweets, gave them to others to sell, and he kept the profits.

2. Nassef Sawiris

Net worth: $8.5 billion
Rank in 2020: 2
Net worth in 2020: $8 billion
Origin of wealth: Construction, chemicals
Industry: Construction and engineering
Age: 59
Country: Egypt
Residence: Cairo
Education: University of Chicago, Bachelor of Arts/Science

Nassef Sawiris is a scion of Egypt’s wealthiest family. His brother Naguib is also a billionaire. Sawiris split Orascom Construction Industries into two entities in 2015: OCI and Orascom Construction.

He runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa; it trades on the Euronext Amsterdam exchange. Orascom Construction, an engineering and building firm, trades on the Cairo exchange and Nasdaq Dubai.

His holdings include stakes in cement giant Lafarge Holcim and Adidas; he sits on the supervisory board of Adidas.

Did you know?

A University of Chicago graduate, he donated $24.1 million to the school in 2019 to aid Egyptian students and fund an executive education program. Nassef Sawiris teamed up with Fortress Investment Group’s Wes Edens to purchase Aston Villa Football Club.

3. Nicky Oppenheimer & family

Net worth: $8 billion
Rank in 2020: 3
Net worth in 2020: $7.7 billion
Origin of wealth: Diamonds
Industry: metal and mining
Age: 75
Country: South Africa
Residence: Johannesburg
Education: Oxford University Christ Church, Master of Arts/Science, Oxford

Oppenheimer, heir to his family’s fortune, sold his 40% stake in diamond firm De Beers to mining group Anglo American for $5.1 billion in cash in 2012.

He was the third generation of his family to run DeBeers, and took the company private in 2001. For 85 years until 2012, the Oppenheimer family occupied a controlling spot in the world’s diamond trade. In 2014, Oppenheimer started Fireblade Aviation in Johannesburg, which operates chartered flights with its fleet of three planes and two helicopters.

He owns at least 720 square miles of conservation land across South Africa, Botswana and Zimbabwe.

Did You Know?

Oppenheimer owns Tswalu Kalahari Reserve, the largest private game reserve in South Africa. Oppenheimer is a sports fan and plays squash, golf and cricket. Notepads in his office read: “Things I must do before cricket.”

4. Johann Rupert & family

Net worth: $7.2 billion
Rank in 2020: 5
Net worth in 2020: $6.5 billion
Origin of wealth: Luxury goods
Industry: Fashion and retail
Age: 70
Country: South Africa
Residence: Cape Town

Johann Rupert is chairman of Swiss luxury goods firm Compagnie Financiere Richemont. The company is best known for the brands Cartier and Montblanc. It was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s. He owns a 7% stake in diversified investment firm Remgro, which he chairs, as well as 25% of Reinet, an investment holding co. based in Luxembourg. In recent years, Rupert has been a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa where he owns land.

Did You Know?

He also owns part of the Saracens English rugby team and Anthonij Rupert Wines, named after his deceased brother. Rupert says his biggest regret was not buying half of Gucci when he had the opportunity to do so for just $175 million.

4. Mike Adenuga

Net worth: $6.3 billion
Rank in 2020: 3
Net worth in 2020: $7.7 billion
Self-made
Origin of wealth: Telecom, oil
Industry: Diversified
Age: 67
Country: Nigeria
Residence: Lagos
Education: Pace University, Master of Business Administration

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.

Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. He made his first million at age 26 selling lace and distributing soft drinks.

Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver.

6. Abdulsamad Rabiu

Net worth: $5.5 billion
Rank in 2020: 8
Net worth in 2020: $3.1 billion
Origin of wealth: Cement, sugar
Industry: Diversified
Age: 60
Country: Nigeria
Residence: Lagos

Abdulsamad Rabiu 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.

7. Issad Rebrab & family

Net worth: $4.8 billion
Rank in 2020: 6
Net worth: $4.4 billion
Self-made
Origin of wealth: Food
Industry: Food and beverage
Age: 77
Country: Algeria
Residence: Algiers

Issad Rebrab is the founder and CEO of Cevital, Algeria’s biggest privately-held company. Cevital owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons a year.

Cevital owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill and a German water purification company.

After serving eight months in jail on charges of corruption, Rebrab was released on January 1, 2020. He denies any wrongdoing.

Did You Know?

Rebrab is the son of militants who fought for Algeria’s independence from France. Cevital helped finance a biopic on Algerian resistance hero Larbi Ben M’hidi, who was executed by the French in 1957.

“We [Algerians] have great potential; we can make up for lost time.”

8. Naguib Sawiris

Net worth: $3.2 billion
Rank in 2020: 9
Net worth in 2020: $3 billion
Origin of wealth: Telecom
Industry: Telecom
Age: 66
Country: Egypt
Residence: Cairo
Education: Swiss Federal Polytechnical Institute, Master of Science; Swiss Federal Polytechnical Institute, Bachelor of Arts/Science

Naguib Sawiris is a scion of Egypt’s wealthiest family. His brother Nassef is also a billionaire. He built a fortune in telecom, selling Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction.

He is chairman of Orascom TMT Investments, which has stakes in an asset manager in Egypt and Italian internet company Italiaonline, among others. Through his Media Globe Holdings, Sawiris owns 88% of pan-European pay TV and video news network Euronews. He also developed a luxury resort called Silversands on the Caribbean island of Grenada.

Did You Know?

Sawiris helped found The Free Egyptians, a liberal political party, at the onset of Egypt’s uprisings in 2011. In 2015, he offered to buy a Greek or Italian island to house Syrian refugees, but Greece and Italy turned him down.

9. Patrice Motsepe

Net worth: $3 billion
Rank in 2020: 10
Net worth in 2020: $2.6 billion
Self-made
Origin of wealth: Mining
Industry: Metals and mining
Age: 58
Country: South Africa
Residence: Johannesburg

Patrice Motsepe, the founder and chairman of African Rainbow Minerals, became a billionaire in 2008 – the first black African on the Forbes list. In 2016, he launched a new private equity firm, African Rainbow Capital, focused on investing in Africa.

Motsepe also has a stake in Sanlam, a listed financial services firm, and is the president and owner of the Mamelodi Sundowns Football Club.

In 1994, he became the first black partner at law firm Bowman Gilfillan in Johannesburg, and then started a contracting business doing mine scut work. In 1997, he bought low-producing gold mine shafts and later turned them profitable.

Did you know?

In 2013, the mining magnate was the first African to sign Bill Gates’ and Warren Buffett’s Giving Pledge, promising to give at least half his fortune to charity.

Motsepe benefited from South Africa’s Black Economic Empowerment (BEE) laws, mandating that companies be at least 26% black-owned to get a government mining license.

10. Koos Bekker

Networth: $2.8 billion
Rank in 2020: 11
Net worth in 2020: $2.5 billion
Self-made
Origin of wealth: Media, investments
Industry: Media and entertainment
Age: 68
Country: South Africa
Residence: Cape Town
Education: Columbia Business School, Master of Business Administration; University of Witwatersrand, LLB

Koos Bekker is revered for transforming South African newspaper publisher Naspers into an eCommerce investor & cable TV powerhouse. He led Naspers to invest in Chinese Internet and media firm Tencent in 2001 — by far the most profitable of the bets he made on companies elsewhere. In 2019, Naspers put some assets into two publicly-traded companies, the entertainment firm MultiChoice Group and Prosus, which contains the Tencent stake. It sold a 2% stake in Tencent in March 2018, its first time reducing its holding, but stated at the time it would not sell again for three years. Bekker, who retired as the CEO of Naspers in March 2014, returned as chairman in April 2015.

Did You Know?

His Babylonstoren estate, nearly 600 acres in South Africa’s Western Cape region, features architecture dating back to 1690, a farm, orchard and vineyard and more. Over the summer of 2015, he sold more than 70% of his Naspers shares.

11. Mohamed Mansour

Net worth: $2.5 billion
Rank in 2020: 7
Net worth in 2020: $3.3 billion
Self-made
Origin of wealth: Diversified
Industry: Diversified
Age: 72
Country: Egypt
Residence: Cairo
Education: Auburn University, Master of Business Administration

Mohamed Mansour oversees family conglomerate Mansour Group, which was founded by his father Loutfy (D.1976) in 1952 and has 60,000 employees.

Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GM’s biggest distributors worldwide. Mansour Group also has exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries.

He served as Egypt’s Minister of Transportation from 2006 to 2009 under the Hosni Mubarak regime. His brothers Yasseen and Youssef, who share ownership in the family group, are also billionaires; his son Loutfy heads private equity arm Man Capital.

Did You Know?

Mansour’s father lost his fortune, when Egypt’s then president, Gamal Abdel Nasser, expropriated his cotton trading company in 1964. Mansour worked as a busboy in a pizza parlor while at North Carolina State University to pay for college.

“Empowering best in class management teams is the only way to transform a local player into a diversified conglomerate with multinational exposure.”

12. Aziz Akhannouch & family

Net worth: $2 billion
Rank in 2020: 15
Net worth in 2020: $3.1 billion
Origin of wealth: petroleum, diversified
Industry: Diversified
Age: 60
Country: Morocco
Residence: Casablanca
Education: Universite de Sherbrooke, Master of Business Administration

Aziz Akhannouch is the majority owner of Akwa Group, a multibillion-dollar conglomerate founded by his father and a partner, Ahmed Wakrim, in 1932.

It has interests in petroleum, gas and chemicals through publicly-traded Afriquia Gaz and Maghreb Oxygene. Akhannouch is Morocco’s Minister of Agriculture and Fisheries and the president of a royalist political party.

Did You Know?

His wife Salwa Idrissi runs her own company, which has franchises for Gap, Gucci and Ralph Lauren in Morocco.

13. Mohammed Dewji

Net worth: $1.6 billion
Rank in 2020: 16
Net worth in 2020: $1.6 billion
Origin of wealth: Diversified
Industry: Diversified
Age: 45
Country: Tanzania
Residence: Dar es Salaam

Mohammed Dewji is the CEO of MeTL, a Tanzanian conglomerate founded by his father in the 1970s. METL is active in textile manufacturing, flour milling, beverages and edible oils in eastern, southern and central Africa. METL operates in at least six African countries and has ambitions to expand to several more. Dewji, Tanzania’s only billionaire, signed the Giving Pledge in 2016, promising to donate at least half his fortune to philanthropic causes. Dewji was reportedly kidnapped at gunpoint in Dar es Salaam, Tanzania in October 2018 and released after nine days.

Did You Know?

Dewji retired from Tanzania’s parliament in early 2015 after completing two terms. Dewji, who is known as Mo (short for Mohammed), launched Mo Cola several years ago to compete with Coca-Cola.

14. Youssef Mansour

Net worth: $1.5 billion
Rank in 2020: 14
Net worth in 2020: $1.9 billion
Self-made
Origin of wealth: Diversified
Industry: Diversified
Age: 75
Country: Egypt
Residence: Cairo
Education: Auburn University, Master of Business Administration; North Carolina State University, Bachelor of Science in Engineering

Youssef Mansour is chairman of family-owned conglomerate Mansour Group, which was founded by his father Loutfy (d.1976) in 1952. Mansour Group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries. He oversees the consumer goods division, which includes supermarket chain Metro, and sole distribution rights for L’Oreal in Egypt. Younger brothers Mohamed and Yasseen are also billionaires and part owners of Mansour Group.

Did You Know?

Former Egypt President Gamal Abdel Nasser nationalized his father’s original cotton trading business. Mansour is a founding member of the American Egyptian Chamber of Commerce.

15. Othman Benjelloun & family

Net worth: $1.3 billion
Rank in 2020: 17
Net worth in 2020: $1.4 billion
Origin of wealth: Banking, insurance
Industry: Finance and investments
Age: 88
Education: Ecole Polytechnique de Lausanne, Diploma

Othman Benjelloun is CEO of BMCE Bank of Africa, which has a presence in more than 20 African countries. His father was a shareholder in RMA, a Moroccan insurance company; Benjelloun built it into a leading insurer.

Through his holding company FinanceCom, he has a stake in the Moroccan arm of French telecom firm Orange. He inaugurated in 2014 a $500 million plan to build the 55-story Mohammed VI Tower in Rabat.

It will be one of the tallest buildings in Africa. FinanceCom is part of a project to develop a multibillion-dollar tech city in Tangiers that is expected to host 200 Chinese companies.

Did You Know?

He co-owns Ranch Adarouch, one of the biggest cattle breeders in Africa. Benjelloun and his wife received the David Rockefeller Bridging Leadership Award for building schools in rural Morocco in 2016.

16. Michiel Le Roux

Net worth: $1.2 billion
Rank in 2020: 18
Net worth in 2020: $1.3 billion
Self-made
Origin of wealth: Banking
Industry: Finance and investments
Age: 71
Country: South Africa
Residence: Stellenbosch

Michiel Le Roux of South Africa founded Capitec Bank in 2001 and owns about an 11% stake. The bank, which trades on the Johannesburg Stock Exchange, targets South Africa’s emerging middle class. He served as chairman of the board of Capitec from 2007 to 2016 and has continued on as a board member. Le Roux previously ran Boland Bank, a small regional bank in Cape Town’s hinterland.

Did You Know?

The bank has more than 800 branches and over 13,000 employees. Fellow South African Jannie Mouton’s PSG Group owns a 30% stake in Capitec Bank.

16. Strive Masiyiwa

Net worth: $1.2 billion
Rank in 2020: 19
Net worth in 2020: $1.1 billion
Self-made
Origin of wealth: Telecom
Industry: Telecom
Age: 59
Country: Zimbabwe
Residence: London
Education: University of Wales, Bachelor of Engineering

Strive Masiyiwa overcame protracted government opposition to launch mobile phone network Econet Wireless Zimbabwe in his country of birth in 1998. He owns just over 50% of the publicly-traded Econet Wireless Zimbabwe, which is one part of his larger Econet Group. Masiyiwa also owns just over half of private company Liquid Telecom, which provides fiber optic and satellite services to telecom firms across Africa. His other assets include stakes in mobile phone networks in Burundi and Lesotho, and investments in fintech and power distribution firms in Africa. He and his wife Tsitsi founded the Higherlife Foundation, which supports orphaned and poor children in Zimbabwe, South Africa, Burundi and Lesotho.

Did You Know?

After studying at university in Britain, Masiyiwa worked at ZPTC, Zimbabwe’s phone company. He left ZPTC to start an engineering services firm, then sold it and founded Econet Wireless Zimbabwe, but had to battle the government in court for years.

18. Yasseen Mansour

Net worth: $1.1 billion
Rank in 2020: 12
Net worth in 2020: $2.3 billion
Self-made
Origin of wealth: Diversified
Industry: Diversified
Age: 59
Country: Egypt
Residence: Cairo
Education: George Washington University

Yasseen Mansour is a shareholder in family-owned conglomerate Mansour Group, which was founded by his father Loutfy (d.1976) in 1952. Mansour Group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries.

His brothers Mohamed and Youssef are also billionaires and part owners of Mansour Group. He’s chairman of Palm Hills Developments, one of Egypt’s biggest real estate developers.

Did You Know?

Mansour Group is the sole franchisee of McDonald’s in Egypt, as well as the distributor of Gauloises cigarettes

The business mogul made the disclosure to shareholders at the Group’s 11th Annual General Meeting in Lagos.

The year 2019 was a strong year given the tough business environment across most of our operating geographics (Nigeria, Ethiopia, Senegal and South Africa). But despite the tough business environment, the group recorded increment in production volumes to 23.7 million metric tons, consequently resulting in revenues of ₦891.7 billion, he said.

We recorded a strong EBITDA (earnings before interests, taxes, depreciation and amortisation) margin of 44.3 percent. As a result of this performance, the Board has recommended for your approval [shareholders] a dividend of ₦16.00 per ordinary 50 kobo share, he further noted.

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Speaking on the local Nigerian operations, Mr Dangote said: Nigeria’s cement market grew slightly in 2019. We estimate that total market consumption was up between 2 per cent – 3 per cent on the 20.7Mt estimated in 2018.

Mr Dangote explained that the modest performance of the Group was in spite of the fact that the market generally was impacted negatively by disruptions related to the 2019 election cycles, heavy rains and the loss in land export volumes due to the Nigerian border closure.

The list according to Forbes captures only eight countries who have billionaires; Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two.

Maintaining the number one spot with a net worth of $10.1 billion, 62-year-old Dangote, an industrialist with investments in cement, oil and gas, flour and sugar surpassed Egyptian billionaire, Nassef Sawiris whose net worth stands at $8 billion.

Mr Sawiris’ most valuable assets are in Orascom Construction Industries (OCI) one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa.

He also has stakes in cement giant, Lafarge Holcim and Adidas, where he sits on the supervisory board.

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Meanwhile, Nigeria’s second richest man, Mike Adenuga maintained the number three spot with a net worth of $7.7 billion.

Adenuga built his fortune in banking, oil production and telecom with the mobile phone network, Globacom – Nigeria’s third-largest operator.

Also tied at number three spot with Adenuga is South Africa’s Nicky Oppenheimer and his family with a net worth of $7.7 billion.

Oppenheimer, heir to his family’s fortune occupies a controlling spot in the world’s diamond trade and owns at least 720 square miles of conservation land across South Africa, Botswana and Zimbabwe.

At number five spot on Forbes list is chairman of Swiss luxury goods firm Compagnie Financiere Richemont, Johann Rupert.

Mr Rupert, another South African billionaire has a net worth of $6.5 billion.

The company is best known for its brands, Cartier and Montblanc.

Other Africa billionaires include:

Issad Rebrab and family with a net worth of $4.4 billion – Algeria

Mohamed Mansour with a net worth of $3.3 billion – Egypt

Abdulsamad Rabiu, a Nigerian with a net worth of $3.1 billion

Naguib Sawiris joins his brother, Nassef, in the top 10 wealthiest Africans with a net worth of $3 billion.

On number 10 spot is Patrice Motsepe from South Africa, with a net worth of $2.6 billion.

Capping the list at number 20 spot is Nigeria’s richest woman, Folorunsho Alakija who has a net worth o $1 billion.

See the full list of Africa’s billionaires below:

1. Aliko Dangote $10.1 billion
2. Nassef Sawiris $8 billion
3. Mike Adenuga $7.7 billion
4. (3) Nicky Oppenheimer $7.7 billion
5. Johann Rupert $6.5 billion
6. Issad Rebrab $4.4 billion
7. Mohamed Mansour $3.3 billion
8. Abdulsamad Rabiu $3.1 billion
9. Naguib Sawiris $3 billion
10. Patrice Motsepe $2.6 billion
11. Koos Bekker – $2.5 billion
12. Yasseen Mansour – $2.3 billion
13. Isabel dos Santos – $2.2 billion
14. Youssef Mansour – $1.9 billion
15. Aziz Akhannouch – $1.7 billion
16. Mohammed Dewji – $1.6 billion
17. Othman Benjelloun – $1.4 billion
18. Michiel Le Roux – $1.3 billion
19. Strive Masiyiwa – $1.1 billion
20. Folorunsho Alakija – $1 billion