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Forbes: Dangote Emerges Richest Man In Africa For 7th Year

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For the 7th year running, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has been adjudged as the richest man in the continent of Africa with a net worth that Forbes pegged at $12.2 billion. That was an increase of $100 million from a year ago.

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.

Forbes further stated that “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.”

It would be recalled that Dangote was also recently the only African selected among Bloomberg’s world 50 best persons in the year 2017 while 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, also a Nigerian, whose estimated $1.6 billion fortune lies in oil exploration firm was adjudged as the 15th richest person in Africa.

Number two 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. Oppenheimer is one of eight South Africans on the list, making it the African country with the most billionaires. Nigeria has just three.

Last year, South Africa and Egypt tied with six billionaires each

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33 Comments

33 Comments

  1. Charles Aleke

    January 12, 2018 at 9:24 pm

    mttcheeeeew

  2. Adedapo Adebisi Adejuwon Barcelona

    January 12, 2018 at 7:55 pm

    It is either you queue at Bovas for #145/litre or buy at over #200 somewhere else.
    This is the state of my nation today!

  3. Proficient Chinedum

    January 12, 2018 at 7:36 pm

    Is he richer than innoson

  4. Sani Maitakari

    January 12, 2018 at 6:15 pm

    Hhhhh igbos and envy are biological twins…..

  5. Chuks Nwafor

    January 12, 2018 at 2:35 pm

    Thiefest black man

  6. Saa Nor DeMan

    January 12, 2018 at 1:07 pm

    richest man in Africa but Africa is a shithole. he should hide his face in shame.

  7. Prince Gaiser Osagie - Erese

    January 12, 2018 at 12:31 pm

    Good business Dangote. That’s marvelous in our country. Congratulations!

  8. Chidi Chris

    January 12, 2018 at 12:26 pm

    With looted fund

  9. DrAfam Chidozie Ndukwe

    January 12, 2018 at 12:22 pm

    Baddest thief in Nigeria very soon your cup ☕️ will fool Nigerians will come after you

  10. DrAfam Chidozie Ndukwe

    January 12, 2018 at 12:21 pm

    By Hausa/Fulani packaging him causing Nigerians hunger and frustration

  11. Engr Kasim Abubakar

    January 12, 2018 at 12:15 pm

    Easterners are selfish.

  12. Chidi Ebere

    January 12, 2018 at 12:08 pm

    And biggest thief in the continent.

  13. It'z Marriss Kovnesky

    January 12, 2018 at 12:01 pm

    with our oil money

  14. Mustapha K Yusuf

    January 12, 2018 at 11:57 am

    I Am Here To Read A Hate Speech From Jeolous People

    • Eze Uba

      January 12, 2018 at 8:10 pm

      Go and learn how to spell correctly before you can comment lolzzz aboki

  15. Kama Adams

    January 12, 2018 at 11:48 am

    Yessoo…with his government subsidized business. Dangote is a monopolist introduce fair competition and he will disappear from the radar.

  16. Ifeanyiomor Akabudike

    January 12, 2018 at 11:35 am

    Rubbish, with looted funds?

  17. Onyedikachi Eno

    January 12, 2018 at 11:21 am

    Why can’t he be the richest man do u know how many innocent people his trucks are killing in daily basis and how much he makes out of the people he kills

  18. Auwal Ibrahim

    January 12, 2018 at 11:12 am

    Proudly another almajiri and an aboki.

  19. Mack Chanchin'g

    January 12, 2018 at 11:01 am

    with our oil money

  20. Jesus Jesus

    January 12, 2018 at 10:55 am

    Why won’t Nigeria be the richest in Africa for 7th year running? I am not surprised.NIGERIA +BIAFRA =DANGOTE.

  21. Calebyte Caleb

    January 12, 2018 at 10:39 am

    IGBO nation has made this man great.

    How many Hausa/Fulani owns a house of their own?

    How many of them do buy cement?

    How many of them build shops and houses?

    Well, that is the prophecy, no man can reverse the blessing.

    Congratulations, sir.

  22. Uzoma Benyah

    January 12, 2018 at 10:27 am

    Nonsense

  23. Onyemaechi Tony

    January 12, 2018 at 10:12 am

    With all natural resources from Biafraland why wouldn’t he be, he may the world riches man when there refinery is completed with Kachukwu as his new oil mgr & APC cows his contractors

  24. Oliver Onyeanwuna

    January 12, 2018 at 10:06 am

    Who cares.

    • Alfazazi Abubakar Dausayi

      January 12, 2018 at 10:19 am

      ibo how market

    • Oldsodgier Umunnakwe

      January 12, 2018 at 12:53 pm

      @ Alfazazi, that is in the land of blind men any one eyed man happened to be a king and you should know that Dangote group is a joint group made up of past leaders from the north. So he was just appointed to manage their looted money. I know you know that

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Business

Naira Crashes, Now Exchanging At N412 For A Dollar

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The Nigerian Naira plunged further in value on Monday March 30, as it exchanged at N412 for a dollar following a temporary suspension of sale of forex to the Bureau De Change operators in the country by the Central Bank of Nigeria.

Recall that the apex bank had pegged the exchange rate of the Naira at N380 to the dollar, a move it insisted was not a devaluation of the Nigerian currency.

The CBN however granted the Association of Bureaux De Change Operators of Nigeria its request of going on holiday due to challenges in the local and global economies over the coronavirus pandemic.

While the Naira has crashed in its value due to the low price of crude oil in the international market in recent times, BDC operators have disclosed that there has been a drastic decline in demand for forex due to the impact of coronavirus on the economy. The financial market stakeholders also disclosed that businesses are down and many people are not travelling.

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Naira Crashes In Value, Dollar Sells For N420

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On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market, Punch reports

The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general.

He said this caused speculations in the market which were not necessary.

Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.

“The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”

While noting that the dollar sold for as high as N400, he said sanity was gradually returning to the sector as it sold for N375 by the close of the day.

According to him, the CBN had maintained stability at N360 in more than three years.

He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions.

The ABCON president disclosed that the CBN wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over N5m for various offences.

Another BDC operator who spoke with our correspondent said, “When we woke up on Monday, the exchange was still about N360, but all of a sudden, because of the fall in crude oil price, people were panicky.

“Today, we still sold for up to N420 but the price was fluctuating.”

The CBN also expressed its displeasure on the issue in a statement, saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the CBN was on the verge of devaluing the Naira, and triggering panic in the FX Market.

“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends,” it stated.

It added, “We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.”

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Business

N2.5trn Financing For One million Farmers On The Way

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Commodities Exchange Limited has initiated moves to raise N2.5 trillion for 1 million farmers in the next five years.

Addressing journalists at the Memorandum of Understanding (MoU) signing ceremony in Abuja on Wednesday, Chief Executive Officer of AFEX, Ayodeji Balogun said “AFEX is on a path to building Africa’s second commodities derivative market,

The MoU was signed between AFEX, FMDQ and Dubai Gold and Commodity Exchange (DGCX).

Ayodeji Balogun noted that this partnership sets the tone for that journey.

He noted that AFEX develop product innovations that will unlock a wider range of products that are able to be traded within Nigeria’s capital markets to promote broad-based wealth creation that’s accessible to every Nigerian.

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