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Aliko Dangote is the only African in top 200 of Forbes Billionaires List
Dangote made most of his wealth from the his cement company, which is currently the largest cement producing plant in Africa.
Business leaders say if Africa's richest man Aliko Dangote is hurt, then there's a serious problem in Nigeria's economy
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The influential magazine, Forbes, showed on August 8, 2017 that Dangote’s wealth has appreciated by $2 billion from $12.2 billion as at March 20, 2017. Thus pushing him up from 105 to 93 richest man in the world.
Though, the African richest man loses about 0.4% ($5.2 million) to profits taking on its companies' shares on the Nigerian Stock Exchange (NSE).
Aliko Dangote is the founder and chairman of the Dangote Industries Limited. He has diverse investments in sugar, cement, flour and beverage among others across Africa.
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Dangote sold 416 million shares (2.3%) of its cement subsidiaries to a foreign investor for $236 million in July 2017. This is one of the reasons noted for increasing in his wealth and Forbes ranking.
Dangote Cement is the most capitalized stock on the NSE. Its stock value is one-third of the market's total capitalization.
Other Nigerians such as Chief Mike Adenuga and Mrs Folorunsho Alakija dropped in ranking from 250 to 327 & 1290 to 1410 respectively.
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