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Aliko Dangote: The richest man in Nigeria remains the richest man in Africa according to Forbes

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Nigerian businessman Aliko Dangote has been listed by Forbes magazine as the richest man in Africa for the 13th consecutive year, despite the country’s economic problems. The 20 billionaires on the list are worth a combined $82.4 billion.

“The African continent remains one of the most difficult places in the world to build – and maintain – a billion-dollar fortune,” says the business magazine. His list identifies the wealth of African billionaires who live in Africa or who do their main activities in that area.  

Dangote has increased by 400 million dollars in the past year to reach a value of 13.9 billion dollars, according to Forbes. The 66-year-old businessman made his fortune in cement and sugar and last year opened an oil refinery in Lagos, Nigeria’s economic hub.

Since Bola Tinubu took office in May following a disputed election, the value of the country’s currency, the naira, has plummeted and the removal of fuel subsidies has caused prices to rise. Forbes said Mr Dangote remained on top despite the devaluation of the naira “which dampened the rise in Dangote Cement’s share price”.

It is the largest private foundation in sub-Saharan Africa with the largest grant from a single African donor, according to Richtopia magazine. The Aliko Dangote Foundation primarily focuses on health, nutrition, education, empowerment and humanitarian aid.

South African luxury goods businessman Johann Rupert holds second place, while another South African, diamond miner Nicky Oppenheimer, holds third place.

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