Nigeria's Dangote, Mike Adenuga in Forbes list of 2021 African richest men

Dangote, Adenuga appears in Forbes list of African richest men 2021
TJ
By Tochi Juliet

Nigerian billionaires, Aliko Dangote and Mike Adenuga retain their positions as Forbes released a list of the 2021 richest men in Africa.

According to the Forbes list, Dangote remains Africa's Richest person in 2021 and has maintained this position for over ten years.

Mike Adenuga of Globacom, and Abdulsamad Rabiu of BUA Group, both from Nigeria, made it to the list as the 5th and 6th richest persons in Africa.

According to Forbes, the wealthiest have come through the pandemic just fine. The continent’s 18 billionaires are worth an average $4.1 billion, 12% more than a year ago, driven in part by Nigeria’s surging stock market.

Forbes also confirmed that Aliko Dangote has been holding this first position of the richest men in Africa for ten years.

It is no surprise that since Dangote is the richest in Africa, he will definitely be the richest man in Nigeria. So the list of richest men in Nigeria cannot be complete without firstly mentioning Dangote.

The second in the Forbes list is Nassef Sawiris of Egypt, whose largest asset was a nearly six per cent stake in sportswear maker Adidas.

Number three happens to be 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 per cent stake in DeBeers to mining giant AngloAmerican for $5.1bn.

Forbes also named Rabiu the biggest gainer. Rabiu is another Nigerian cement tycoon.

"The biggest gainer this year is another Nigerian cement tycoon, Abdulsamad Rabiu. Remarkably, shares of his BUA Cement PLC, 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 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 wrote.

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