How Nigerian Billionaires Fared in Forbes’ Recent Billionaire List


Though still Africa’s richest man with a net worth of $12.1 billion, Aliko Dangote’s fortunes¬† declined yet again in the 2017 Forbes billioanire list , shedding nearly $5 billion in two successive years. The sheer size of his fortunes might have offered him the buffer against the effects of the weakened naira to remain Africa’s richest man.

However, two of his fellow residents on the list from Nigeria were not so lucky, Femi Otedola’s net worth plunged from $1.6 billion in November 2015 to just $330 million and Abdussamad Rabiu of the Bua Group descended to below $1 billion. Thus, ceding membership of the three-comma club, at least for now.

Two other Nigerian billionaires made the list with Dangote. Telecoms magnate Mike Adenuga and Oil billionaire Folorunsho Alankija with net worths estimated at $5.8 billion and $1.6 billion respectively.

South Africa and Egypt dominates the list with 6 billionaires each out of the continent’s 21. Though the combined net worth of the South African billionaires outstrips that of the Egyptians.

Only 7 African countries according to Forbes produced these billionaires and only two of them are women, Nigeria’s Alakija and Angola’s Dos Santos.

Interestingly, 13 of them made their fortunes on their own while the other eight inherited theirs. In a 2015 Billionaire Census by research firm wealth-X, only less than 12% of the world’s billionaires were women and 57% of these billionaires are self-made.

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