Africa’s richest man Aliko Dangote might not be sitting on the top spot for much longer.

Telecom mogul Mike Adenuga is closing in on the top spot as he has moved up on the billionaires’ list, ranking next to Aliko Dangote as the second richest man on the continent.

Adenuga has interests in oil exploration and real estate, and according to Forbes magazine, his net worth rose tremendously from $5.3 billion to $9.2 billion.

He is now just $800 million away from Dangote Group President Aliko Dangote, whose wealth dipped to $10 billion, from $12 billion last year.

However, Dangote retains the Africa’s richest man title for the eighth consecutive time.

Also Read: The Rise Of Aliko Dangote: 4 Quick Facts About How He Made His Billions

BUA Group Chief Executive Officer Abdulsamad Rabiu featured on the list for the first time since 2015.

The merger between Rabiu’s Kalambaina Cement firm with the Cement Company of Northern Nigeria, which he controlled, in December last year, was formally consummated in Sokoto earlier this week. He now owns 97% of the entity.

Kalambaina, which operates a new cement production facility, started selling cement mid-last year just as Rabiu’s BUA Cement has expanded its operations, adding a new production line.

Mrs Folorunsho Alakija, whose net worth dropped to $1.1 billion from $1.3 billion, was ranked 19th. She is vice chair, Famfa Oil, an indigenous oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset. Famfa Oil’s partners include Chevron and Petrobras.

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