by Isi Esene
Forbes Magazine has released a list of 50 Richest Tycoons in Africa with Chairman of Heirs Holding, Tony Elumelu and former Abia State Governor, Orji Uzor Kalu standing up to be counted.
Apart from Elumelu and Kalu, King Mohammed VI of Morocco is the only other newcomer making an entry with a net worth of $2.1 billion.
Read what Forbes Magazine had to say about the money-men below:
In comparison South Africa claims 11 spots, down from 14 a year ago. Nigeria is showing its strength, having earned commendations for its efforts to snuff out Ebola in the country, which Dangote helped fund — and despite a recent drop in oil prices.
There are three new billionaires on the list: Orji Uzor Kalu of Nigeria, Tony Elumelu of Nigeria and King Mohammed VI of Morocco. Three billionaires on last year’s list are no longer members of the 10-figure club: Vimal Shah of Kenya is off the list, replaced by his father Bhimji Depar Shah at a lower net worth. Abdulsamad Rabiu of Nigeria dropped below $1 billion due to ceased operations at his floating cement terminal in Nigeria. And South African mining mogul Desmond Sacco dropped to a net worth of $680 million, down from $1.4 billion last year, because of a sharp decline in the share price of his mining firm Assore Group.
Alhaji Aliko Dangote of the Dangote Group remains the Richest African with a net worth of $21.6 billion.
Dangote, a serial investor has business interests spanning cement, sugar and flour production.
He made his first fortune more than three decades ago when he started trading commodities with a loan from his powerful uncle.
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