Reports released on Wednesday by Forbes Africa confirmed Aliko Dangote and Otunba Mike Adenuga topped the list of African billionaires.
Dangote’s wealth dropped by $2bn from $12.2bn in January 2018 to $10bn in 2019.
With the latest ranking, the Chairman of Dangote Group still maintained his first position as Africa’s richest billionaire for the eighth-time running.
Adenuga with his interest in oil exploration and properties followed Dangote as the second richest man in Africa.
Having provided more details about his assets to the American magazine, Adenuga’s net worth increased astronomically from $5.3bn to $9.2bn.
Africa richest woman, Mrs. Folorunsho Alakija who is number 19 on the list has dropped to $1.1bn from $1.3bn.
Alakija now tied with South African banker, Michiel Le Roux following a drop in her net worth.
Dangote’s wealth can be linked to his grand father’s.
Born in 1957 to a business-oriented household in Kano State.
Unlike many other self-made billionaires, Dangote was born with a silver spoon.
His grandfather, Sanusi Dantata was one of the wealthiest men in West Africa in his time.
He made a bulk of his fortune from groundnuts, oats, and rice.
Following his father’s death, Dangote’s grandfather took him in and became his defacto guardian.
Living with his grandfather exposed him to several rudiments of entrepreneurship.