President of Dangote Group, Aliko Dangote, has maintained his number one position as Africa’s richest man for a fifth year in a row by Forbes magazine.
Dangote leads with a net worth of 16.7 billion dollars and that is after losing nearly 5 billion dollars in one year, owing to a drop in the stock price of Dangote Cement and a pressured naira.
Others on the list are Chairman of Globacom, Mike Adenuga, who came in seventh position. Business woman and the only female from Nigeria on the list, Mrs Folorunsho Alakija, came in at 13th while Forte Oil Chairman, Femi Otedola was 16th.
Also, Founder of Bua Group, Abdulsamad Rabiu is 23rd, while former Defence Minister, Theophilus Danjuma is number 30 and Chairman of Heirs Holdings, Tony Elumelu came in at 31.
Other Nigerians on the list are Jim Ovia, Mohammed Indimi and Orji Uzor Kalu who took the 37th, 39th and 49th spot respectively.
Nigerians who dropped off the list are Chairman of Etisalat Nigeria, Hakeem Bello Osagie, CEO of Yinka Folawiyo Group, Tunde Folawiyo, and Oba Otudeko of Honeywell Group.
Forbes compiles the list by calculating net worth using stock prices, currency exchange rates, estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies.
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