Aliko Dangote Named Richest Black Man on Earth, Despite Loosing $10 billion

Aliko Dangote Named Richest Black Man on Earth, Despite Loosing $10 billion

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Aliko DangoteAliko Dangote

Africa’s biggest entrepreneur, Aliko Dangote of Nigeria, is still the richest black person in the world despite having lost close to $10 billion since March last year on account of falling stock prices of his four publicly-listed companies and a recent devaluation of the naira.
The 2015 FORBES list of the World’s Billionaires puts the estimated fortune of the manufacturing tycoon at $15.7 billion.
Dangote, 57, initially made his fortune trading in cement, sugar and flour but subsequently ventured into manufacturing these commodities. His crown jewel, Dangote Cement, is the largest manufacturer of cement in Africa and has a market capitalization of $15 billion. Dangote is also building an oil refinery that will be completed in 2016. It is expected to have a refining capacity of 400,000 barrels a day and reduce Nigeria’s dependence on oil imports.
Of the 1,826 people who made it to the 2015 FORBES list of the World’s Billionaires, 11 are black, up from nine a year ago.
Second to Dangote in the list of richest black people is Saudi-Ethiopian construction magnate Mohammed Al-Amoudi, who is worth $10.8 billion.
This year, two new moguls join the ranks of the richest black people on earth. They are American basketball legend Michael Jordan and Nigerian energy magnate Femi Otedola. Angolan investor Isabel dos Santos, American media mogul Oprah Winfrey and Nigerian oil woman Folorunsho Alakija are still the only black female billionaires on the FORBES billionaires list.
•Photo shows Aliko Dangote.

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