Africa’s Richest Man and business magnate, Alhaji Aliko Dangote, slipped three places down to 26th in the new Forbes Magazine billionaires ranking. He had occupied the 23rd position before the latest ranking. The Chief Executive officer of Dangote Group is still Africa's richest but his real time net worth is reportedly reduced to $23.7bn from $25b. Other Nigerians on the billionaires list are Mike Adenuga, Abdulsama Rabiu and Folorunsho Alakija.
According to reports, Dangote recently looked beyond cement, sugar and flour - the three commodities that built his fortune and ventured into the oil business. He announced $9bn to be used in financing a consortium of local and international lenders to construct a private oil refinery, fertilizer and petrochemical complex in the country.
The billionaire mogul's publicly traded Dangote Cement is also grabbing new markets in Africa, with $750m in new plants planned for Kenya and Niger Republic. He reportedly announced recently new plans to invest an undisclosed sum in the development of a major coal mine in Tanzania, as he continues in his bid to expand his business interests across the continent.
Source: NCW
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