Africa’s Richest Man Named To World’s Top 25 Richest

Africa’s Richest Man Named To World’s Top 25 Richest

From All Africa.

Africa’s richest man, cement giant Aliko Dangote has scored another first. He’s been named Africa’s first $20 billion man, putting him on the Forbes list of top 25 richest men in the world, according to a report in All Africa.

Dangote is now richer than Russia’s richest man, Alisher Usmanov, richer than India’s Lakshmi Mittal and neck and neck with India’s Mukesh Ambani. He’s catching up with Google  billionaire founders Larry Page and Sergey Brin.

CEO of the Nigerian Dangote Group, Dangote is the first African entrepreneur to lay claim to a $20 billion fortune, the report says. The stock value of his flagship company, Dangote Cement, jumped since March when Forbes last released its annual ranking. His net worth was previously pegged by Forbes at $16 billion.

Nigeria’s retail cement price is among the highest in the world at $200 a metric ton, according to a Wall Street Journal report.

Dangote’s 93 percent stake in his Dangote Cement company is now worth $19.5 billion, according to a Forbes release on June 1. Dangote also owns shares in Dangote Sugar and National Salt Company of Nigeria, Zenith Bank, UBA Group and Dangote Flour. He has an extensive real estate portfolio, jets and yachts.

Read more at All Africa.