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Dangote remains Africa’s richest man for the 12th consecutive year, according to Forbes

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Aliko Dangote, President of the Pan-African Conglomerate, the Dangote Group, has been named Africa’s richest man for the 12th year in a row, despite economic headwinds that have damaged the fortunes of half of the world’s reported billionaires.

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This was revealed in a statement issued on Tuesday titled ‘Forbes 2023 Index: Dangote Still Africa’s Richest for 12th Consecutive Year’.

It added that Dangote, whose business cornerstone, Dangote Cement Plc, is Africa’s largest cement maker, is the only Nigerian on the list of the world’s first 200 richest individuals, with an estimated net worth of $14.2 billion, up from $12.1 billion last year.

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It should be noted that South African Johann Rupert was named Africa’s richest man by Forbes Magazine in June, with a net worth of $12 billion.

“Forbes reported in its latest ranking of world billionaires for 2023 that falling stocks, wounded unicorns, and rising interest rates translated into a down year for the world’s wealthiest people,” the statement claimed.

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“Dangote, who is currently ranked 124th among the world’s richest billionaires, is the only Nigerian in the top 200 world billionaires and one of two Africans in that group; South Africa’s Johann Rupert, who deals in luxury goods, is ranked 157th with a net worth of $11.1 billion.”

“Africa’s richest man founded and chairs Dangote Cement, Africa’s largest cement producer.” Dangote Cement has a Sub-Saharan African production capacity of 51.6 million tonnes per year, with integrated factories in seven countries, a clinker grinding plant in Cameroon, and import and distribution facilities in Ghana and Sierra Leone.”

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