FOR THE FIFTH YEAR,DANGOTE RETAINS POSITION AS AFRICA'S RICHEST MAN

Despite a crash in global commodity prices that led to a loss of about $5billion of his total networth between 2014 and this year, Nigerian foremost industrialist and President of Dangote Group, Mr. Aliko Dangote retained his preeminent position as the richest African according to the latest edition of Forbes Magazine released this week.
Mr. Dangote is retaining his number one spot for the fifth year in a row, with $16.7 billion net worth after losing nearly $5 billion from about $19billion in 2014, due largely to a huge drop in the stock price in his Cement and other commodities businesses coupled with a weakened Nigerian currency.
He also led other Nigerian businessmen including the President of Slok Group, Mr Orji Uzor Kalu, Mr. Femi Otedola, the Chairman of Forte Oil and Mr. Mike Adenuga of Globacom to top both the African and Nigeria’s richest men list for 2015.
Although the latest ranking was not his first on the prestigious list Kalu’s emergence, in this year’s chart followed the resilience and impressive performances of his businesses spanning the hospitality industry, shipping and maritime, oil and gas, publishing, banking and insurance among others in Nigeria and across Africa, that enabled him cross the threshold set by Forbes amidst the harsh economic headwinds that constricted many businesses since June 2014.
Other Nigerians that made the list include the Chairman of United Bank for Africa, Mr. Tony Elumelu, and Mrs. Foluronsho Alakija among others. In the year under consideration, Nigeria had a smaller representation with only 10 members in the Forbes’ list, down from 13 last year.
In Nigeria for instance, Aliko Dangote, Africa’s richest man, lost nearly $5 billion of his network than he was a year ago due to a drop in the stock price of Dangote Cement.
According to the ranking, Africa’s 50 wealthiest individuals are now worth about $95.6billion representing a decline of about $15billion from 2014.
The development was attributed to lower prices for oil and other commodities which reduced that number of African billionaires on Forbes new list of Africa’s 50 Richest to 23 billionaires this year from 28 in 2014.
Meanwhile the number two person on the list is Nicky Oppenheimer, whose estimated $6.6 billion fortune from the stake he inherited in diamond miner and marketer DeBeers moved him from number three last year to become Africa’s second richest man. In 2012, Oppenheimer sold the DeBeers stake to mining giant Anglo American for $5.1 billion in cash. He moves up the ranks from the number three spot in 2014.