Globacom Chairman, Mike Adenuga, is closing up on Aliko Dangote, who is Africa’s richest man, according to the latest Forbes Magazine list.
Adenuga, who is the second richest person in the continent, moved tremendously from $5.3 billion to $9.2 billion, due to interests in oil exploration and real estate.
The business mogul is now $800 million away from Dangote, President of Dangote Group of Companies, whose total worth slid from $12 billion last year to $10 billion.
However, Dangote still retains his status as the richest for the eighth consecutive time.
Abdulsamad Rabiu, CEO, BUA Group, appeared on the list for the first time since 2015.
In December 2018, his Kalambaina Cement firm merged with Cement Company of Northern Nigeria, which he controlled. The merger was made official in Sokoto this year. Rabiu now owns 97 percent of the entity.
Folorunsho Alakija, whose net worth dropped to $1.1 billion from $1.3 billion, was ranked 19th on the list.
Alakija is the vice chairman, Famfa Oil; an indigenous oil exploration company with a stake in Agbami Oilfield, which is an effective offshore asset. Famfa Oil’s partners include Chevron and Petrobras.
The federal government awarded Alakija an oil prospecting license in 1993, which was later converted to an oil mining lease.
The richest woman in Nigeria is tied with South African banker, Michiel Le Roux, on the list.
Forbes blamed falling stock values and weaker currencies for the shrinking in the billionaires club in Africa.
It said: “Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago.
“Four people fell off Forbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago.”
Also on the list, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco has two.
The magazine noted that Algeria, Angola, Tanzania and Zimbabwe has one billionaire each.