In the recently released Forbes list of 20 of Africa’s Richest billionaires for 2024, Aliko Dangote, the president of Dangote Group, has maintained his position as the wealthiest person in Africa with a staggering net worth of $13.9 billion.
While Dangote continues to dominate the top spot, Femi Otedola, Chairman of Geregu Power Plc and a longtime ally of Dangote, has made a notable return to the list. Otedola, who last appeared on the Forbes Africa list in 2017 when he held a controlling stake in Forte Oil, now holds the 20th position with a fortune of $1.1 billion.
Forbes reported that the fortunes of Africa’s wealthiest individuals have rebounded slightly over the past 12 months, reversing the decline observed in the previous year.
Otedola, having phased out his oil investments in 2013 during a government privatization push, utilized a Forte subsidiary to acquire Geregu, a public power generation plant. His 73% stake in Geregu is currently valued at more than $850 million, contributing significantly to his $1.1 billion fortune.
Despite a slight dip in the overall wealth of Africa’s billionaires, the continent’s top business magnates fared better than the previous year, outperforming the four percent decline observed in 2023.
African equities joined a late-year global rally, with the S&P All Africa index rising 10% in the final two months of 2023, although it concluded down more than 9% in the 12 months through January 8, 2024.
The top three billionaires on the list include:
1. Aliko Dangote – $13.9 billion
2. Johann Rupert & family – $10.1 billion
3. Nicky Oppenheimer & family – $9.4 billion
This latest ranking reflects the resilience and adaptability of Africa’s business tycoons amid economic fluctuations.
