Billionaires - February 10, 2022

African Billionaires: Why these 3 Entrepreneurs Dropped off the Billionaires’ List

The number of African billionaires has drastically decreased since 2015.

February 10, 2022

5 min read

Since 2015, more African billionaires have dropped off the list of richest people in Africa. The total number of billionaires in 2014 and 2015 was 29. It dropped to 20 in 2020 and shrunk to 18 in 2021 and 2022.

While some fell off the list, others moved up, and some upheld their positions. Aliko Dangote, as of 2015, was worth $15.7 billion and in 2022, his net worth dropped to $14.1 billion as of Jan. 9, 2022. However, he retains his position as the richest man in Africa.

The economic instability occasioned by the COVID-19 pandemic affected some of the businesses of these African billionaires. Ironically, some became richer despite the pandemic. Nigeria’s second richest man, Abdulsamad Rabiu, is one. In 2015, he was in the 28th position on the list of Africa’s richest people with a net worth of $1 billion. Currently, he is in the 5th position with a net worth of $7 billion.

Here are three persons who dropped off the African billionaires’ list.

Rostam Azizi

He was 29th on the 2015 African billionaires list and dropped off in 2016. He is worth $1 billion and the second richest man in Tanzania. The majority of his wealth comes from 35% interest in Vodacom Tanzania, the country’s largest mobile phone provider with over 10 million members. He also controls Caspian Mining, a contract mining firm that supplies mining services to heavyweights like BHP Billiton and Barrick Gold. The company has a gold, copper, and iron ore mining license in Tanzania. Other holdings include a partnership in Dar es Salaam Port with Hutchison Whampoa and real estate in Tanzania, Dubai, Oman, and Lebanon.

Femi Otedola

Femi Otedola is a businessman, philanthropist, and the former chairman of Forte Oil Plc, now Ardova PLC. Femi Otedola’s net worth was $1.8 billion in 2021. He dropped off the list due to a drop in the share price of Forte Oil.

He has approximately 500 petrol stations in Nigeria. He is the founder of Zenon Petroleum and Gas Ltd and some companies in the shipping, real estate, and finance industries. He is currently the chairman of Geregu Power Plc.

Folorunsho Alakija

Folorunso Alakija, the executive vice-chairman of Famfa Oil Limited, dropped off the billionaire list in 2021. In 2019, Alakija made the Forbes list of world billionaires and was ranked 1941 in 2,153 billionaires, with a net worth of over $1.1 billion. According to Forbes, in 2020, she had a net worth of $1 billion, thus emerging as the 20th wealthiest African billionaire. She is also the first woman to appear in Nigeria’s top ten richest people.

According to Forbes, Alakija’s net worth has fallen below $1 billion due to the lower oil prices. Apart from Famfa Oil Limited, Alakija also has investments in the printing and real estate sectors. She is the Executive Vice-Chairman of The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited. Her real estate holdings are concentrated on the DaySpring Property Development Company, in which she owns the majority of shares.