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article imageForbes: Nigeria's Alhaji Aliko Dangote is Africa's richest man

By JohnThomas Didymus     Nov 26, 2012 in Business
Abuja - Forbes magazine says Aliko Dangote, a Nigerian tycoon, who made a fortune trading in commodities such as flour, sugar, salt and cement is Africa's richest man. He tops Forbes' list for the second year running, with an estimated net worth of $12 billion.
Alhaji Aliko Dankote and 11 other Nigerians made the Forbes "Africa's 40 Richest" list. Dangote topped the list with a net worth of $12 billion up from $10.1 billion in November 2011.
He owns Dangote Cement that operates in over 14 African countries.
Forbes reports that Dangote, co-Chairman of the Presidential Committee on Flood Relief and Rehabilitation, recently donated $15.8 million (N2.5 billion) to a relief effort after floods killed at least 360 people and left more than 2 million Nigerians homeless in the last rainy season.
According to Forbes, he said at the fund-raising dinner: “We should give while we are alive and also when we are young and capable. Sometimes, we need to have the genuine experience of deprivation and poverty in order to appreciate the need to be our brother’s keeper. My visit to Kogi flood victims was an eye-opener. It is a fulfilling journey when we experience it. We should all be problem solvers and ready to make people happy when the opportunity comes. Nobody says ‘thank you’ for growing a profitable company, but people will say ‘thank you’ when you give.”
Other Nigerians who made the Forbes list include: Mike Adenuga of Globacom Telecommunications, with a net worth of $4.6 billion; Jim Ovia with a net worth of $825 million, Abdulsamad Rabiu of BUA Group; Chief (Mrs) Folorunsho Alakija; General Theophilus Danjuma, Honey Well Group founder; Oba Otudeko; Mohammed Indimi; O.B. Lulu-Briggs, former Nigeria's ambassador to Zimbabwe; Sani Bello, and Hakeem Belo-Osagie, the 57-year-old Harvard-trained petroleum economist.
Aliko Dangote  President and Chief Executive of Nigeria’s Dangote Group speaks during the final se...
Aliko Dangote, President and Chief Executive of Nigeria’s Dangote Group speaks during the final session of the World Economic Forum on Africa meeting in Cape Town June 6, 2008.
World Economic Forum
According to Forbes, in spite of the overall downturn in the global economy, Africa's economy continues to post remarkable growth rates and the list of Africa's 40 richest reflects the growing prosperity of the continent.
The combined net worth of Africa's 40 richest was $72.9 billion up 12% over last year. Ten new comers joined the list and significantly includes two women.
Forbes explains that most of Dangote's net worth lies in the publicly traded Dangote Cement that operates in 14 African countries.
Nicky Oppenheimer of South Africa was the second richest with a net worth of $6.4 billion. His net worth actually decreased by $100 million compared to last year, after he sold his family’s 40% stake in DeBeers (diamond producers) to the mining company Anglo American at $5.1 billion.
Newcomers to Forbes' list include two women: Nigeria's Folorunsho Alakija, due to her stake in a prolific oil field, the Agbami oil field. The second African woman is Isabel dos Santos of Angola, daughter of the country’s president, who is reportedly an entrepreneur and investor.
Other newcomers to the list are South Africa’s Desmond Sacco, who holds shares in mining company Assore; and the South African, Koos Bekker, owner of media group Naspers, with a net worth of $450 million.
South Africa remains Africa's economic giant and the home of 12 of Africa’s 40 richest. Nigeria follows with 11 billionaires on Forbes' list; Egypt, 8 and Morocco, 5.
The top 40 richest Africans all come from 8 countries, compared to six last year. Angola (Isabel dos Santos) and Tanzania (Said Salim Bakhresa) are contributing to the list for the first time. Cairo has more of Forbes' richest than any other African city with 8 on the list.
The average age of Forbes' African billionaires is 63, compared to 61 last year. The minimum net worth required to make the list was $400 million, compared to $250 million in 2011.
Forbes' list of 40 richest Africans living on the continent includes:
Nicky Oppenheimer and family, South Africa, $6.4 billion
Johann Rupert and family, South Africa, $5.7 billion
Nassef Sawiris, Egypt, $5.5 billion
Mike Adenuga, Nigeria, $4.6 billion
Christoffel Wiese, South Africa, $3.7 billion
Othman Benjelloun, Morocco, $2.75 billion
Patrice Motsepe, South Africa, $2.65 billion
The list includes only Africans living on the continent and thus excludes the Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen, and the Egyptian citizen Mohamed Al-Fayed, who lives in London.
According to Forbes:
"We calculated net worths using stock prices and exchange rates from the close of business on Friday, November 9. To value privately-held businesses we couple estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies."
More about Aliko Dangote, Africa, Forbes
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