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Africa richest dangote
African richest man, Aliko Dangote

Top 10 Richest People In Africa – 2016, According To Forbes

Following several years of steady growth in Africa, the continent’s wealthiest are facing a number of headwinds. The plunge in the price of oil and commodities has heavily impacted the elite earners.

Check also: Nigeria’s 2nd Richest Man, Mike Adenuga Receives Highest National Honor In Ghana

The latest Forbes Rich List shows that the number of billionaires in Africa has taken a hit – from 28 down to 23. The group’s fortune has also been impacted: the 50 wealthiest Africans are now worth a total $95.6 billion, a decline of $15 billion from a year ago.

Newslex Point looks at Africa ‘s Top 10 richest people in 2016.

1). Aliko Dangote – Nigeria- $15.1bn

Dangote owns 90% of publicly traded Dangote Cement through a holding company – a percentage that exceeds the 80% ownership ceiling set by the Nigerian Stock Exchange. Dangote’s spokesperson told Forbes that the company has until October 2016 to lower the 58-year-old’s stake and has plans to do so by then.

2). Mike Adenuga –Nigeria – $10bn

africa richest

The 62-year old, who is Nigeria’s second richest man, studied in the US, where he worked as a taxi driver to support himself. The story goes that, after returning to Nigeria and making a fortunetrading lace and Coca-Cola, he made friends with Nigerian military big shots, who awarded him lucrative state contracts – laying the foundation of his fortune.

He built his wealth in telecom and oil production: his mobile phone network, Globacom, is the second largest operator in Nigeria, with 32 million subscribers. It also has operations in Ghana and the Republic of Benin. His exploration arm, Conoil Producing, operates six oil blocks in the Niger Delta. Adenuga also owns hundreds of properties throughout Nigeria through his real estate firm Proline Investments.

Forbes this year increased the value it assigned to Globacom, following a higher estimate of the company’s revenues. In May last year, Globacom lodged a $600m takeover bid for Ivorian mobile telecoms operator Comium Cote d’Ivoire, a company that had been grappling with debt and cash flow problems.

3). Johann Rupert – South Africa – $7.9bn

Johann Rupert Africa

Another South African entry, Johann Rupert, 65, is currently the third richest man in the country. Hechairs listed Swiss luxury goods firm Compagnie Financiere Richemont – best known for its brands Cartier and Montblanc – and owns part of Anthonij Rupert Wines, named after his late brother.

He created the company in 1988 after spinning off international assets owned by Rembrandt Group Ltd, a South African company his father Anton founded in the 1940s as a tobacco manufacturer.

Rupert also owns part of the Saracens English rugby team.

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