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Forbes publishes Inaugural List of the 40 Richest People in Africa – Aliko Dangote ranked No 1, Mike Adenuga, Jim Ovia, Oba Otudeko, Theophilus Danjuma, Hakeem Belo-Osagie, Abdulsamad Rabiu & Mohammed Indimi on the list



Forbes Magazine recently launched “Forbes Africa” and it seems as though their drive to create engaging African business-lifestyle content.

The inaugural list of the 40 Richest People in Africa is such to create some buzz and generate discourse.

According to Forbes,

Forbes’ inaugural list of the 40 Richest People in Africa is a testament to the growing global importance of the continent.

The combined wealth of the 40 richest is $64.9 billion – more than Thailand’s 40 richest (at $45 billion) but less than Taiwan’s (at $92.7 billion).

The richest among them is Aliko Dangote of Nigeria, with a $10.1 billion fortune based on his stake in publicly-traded Dangote Cement –which has operations across Africa — as well as his interests in flour milling, sugar refining and salt processing.

Nigerian business moguls, Aliko Dangote, Mike Adenuga, Jim Ovia, Oba Otudeko, Theophilus Danjuma, Hakeem Belo-Osagie, Abdulsamad Rabiu and Mohammed Indimi all made the list.

No women made the Forbes 40 Richest People in Africa list!

Head over to the Forbes website to view the complete list, read the article along with photos and other tidbits.

As a precursor to the Forbes 40 Richest People in Africa list, a few days ago, Forbes Online published an article titled “Who Were Africa’s Richest Dictators?“. Click HERE to read.


Aliko Dangote

10,100 54

Nicky Oppenheimer & family

6,500 66

Nassef Sawiris

4,750 50

Johann Rupert & family

4,700 61

Mike Adenuga

4,300 58

Miloud Chaabi

3,000 82

Naguib Sawiris

2,900 57

Christoffel Wiese

2,700 70

Onsi Sawiris

2,600 81

Patrice Motsepe

2,500 49

Jim Ovia

775 57

Theophilus Danjuma

600 72

Oba Otudeko

550 67

Hakeem Belo-Osagie

450 56

Abdulsamad Rabiu

400 NA

Mohammed Indimi

330 63


  1. St. Ed!

    November 17, 2011 at 4:17 am

    Ermmmm….Bella Naija, I think you guys made a mistake up there! The first list, the networth should be in $Billion and not million……..!!! I hope you guys take note of that!


      November 17, 2011 at 4:26 am

      It isnt a mistake. For example, Dangote 10,100 million = 10 Billion. Forbes presented the data that way because some of the people on the list are not billionaires (According to Forbes anyway, who knows how much they really have..) Thanks!

    • MyView

      November 17, 2011 at 7:33 am

      I’m sorry, the figures you wrote above are not in billions. 10,100 is ten thousand one hundread, 6,500 is six thousand five hundred. In millions, 10 billion would be 10,000,000,000. or simply 10 billion. According to Forbes, Dangote is worth 10.1 billion and Oppenheimer is worth 6.5 billion. (. not ,) big difference. What you wrote about is indeed incorrect.

    • Dayo Akintan

      November 18, 2011 at 1:26 pm

      What is 10,100 Million? if think about the simple math, it is 10.1 billion, Mathematics no easy …. Bella, the way you have it in “million” is fine, nothing do am..

    • du

      November 18, 2011 at 9:45 pm

      Men na so Naija university don bad finish, which kind educated illiteracy be this.

  2. Damola

    November 17, 2011 at 8:30 am

    Maths dey worry u for head, when dem say, stay in class, na man u dey follow follow. 10,000,000,000 = 10,000 x 1,000,000. which is: 10,000Million.

    • Lady Jaye

      November 17, 2011 at 1:07 pm

      Americans count a billion as a one thousand million, not one million million, so 10, 100 million would be 10 billion, 1000 million.

  3. Osogagba

    November 17, 2011 at 8:31 am

    @My View.Haba.You mean after Bella explained the rationale for the figures you still couldn’t get it.Ok, I know.Figures aren’t some felaas strongest suit. In America where FORBES comes from, Dangote’s presumed 10,100 million dollars is actually said to be equivalent to 10 billion green backs. The Brits usually do not count their figures that way, though.

  4. Osogagba

    November 17, 2011 at 8:32 am

    Oops!!! That was “fellas.”

  5. onyinye

    November 17, 2011 at 9:04 am

    The figures aren`t my headache, what hurts me is that 6 nigerians made this list, and the the number one is also nigerian, so someone tell me why poverty still stinks in our society, if we have this much money in our country, why are things still the way they are?

  6. ella

    November 17, 2011 at 10:29 am

    Do u want him to feed the nation with his wealth?pls direct that to Mr President.

  7. Lola

    November 17, 2011 at 10:35 am

    Femi Otedo;a didnt make the list?!?!

    • tama

      November 17, 2011 at 1:02 pm

      Otedola has too much debt ..Forbes deosnt consider people with unserviced debt

  8. Gidi

    November 17, 2011 at 10:45 am

    Forbes should let go of these silly lists they keep coming up with every time.
    Wealth in Africa is hugely secretive. There is no transparency,so it is almost impossible to draw up such lists as it often lacks scientific objectivity.
    I am sure there may be over a dozen men in the country richer than Oba Otudeko and Keem Bello-Osagie.
    By the way, what exactly is the essence of this speculative list?

  9. Tony

    November 17, 2011 at 11:30 am

    Hakeem Belo-Osagie…silent billionaire. I like guys like those. They make so much bread, but they don’t make noise. They just chill @ home.

  10. Ronke

    November 17, 2011 at 12:17 pm

    Ahn ahn, what happened to Femi Otedola?!

    • Sett

      November 17, 2011 at 6:01 pm

      yup..the more reason why i don’t believe this “popularity” list. even otudeko sef. i no take sabi how he enter the list fiam just like that

    • Ladi Johnson

      December 3, 2011 at 9:18 am

      You are questioning Oba Otudeko’s inclusion, means you don’t know him. As at 2000 or there about, between himself and Arisekola they owned 13% of First Bank shares, he is the highest individual shareholder of Guinness Nig Plc, he owned 40% of the defunct Universal Trust Bank, he owns Honeywell flour mill and the honeywell range, he owns one of the biggest indigenous electrical coy in Nigeria – PIVOT Engineering (major contractors to PHCN/NIPP), At the inception of Econet Wireless, he had one of the major individual controlling shares. The list goes on. He is a very shrewd investor, especially in most top blue chips companies on the Stock Exchange. I almost forgot, he owns WAMCO – West African Milk Coy- makers of Peak milk (though I think he has divested from if recently). He has been a silent smooth operator for over 3 decades,his simple lifestyle and humility may be responsible for his being often overlooked. For example he has refused to accept any chieftaincy title – rare for a Yoruba man of his status!

  11. Always here

    November 17, 2011 at 12:34 pm

    Watch out for Mira. I’ll be the first woman on the list at a record breaking age, working on it 🙂

  12. Ada

    November 17, 2011 at 12:41 pm

    It isn’t exactly a speculative list, it is a list of the richest ppl in africa whose money and source of money can be traced. That’s why you would never see people like Babangida on this list because their source of wealth isn’t pure and can’t be traced to legitimate sources.

  13. Hausa babe!

    November 17, 2011 at 12:48 pm

    why isnt there a Woman on the List??!

  14. esther

    November 17, 2011 at 1:10 pm

    @onyinye u are right o, we still have poverty smelling in dis country even among their own families. @ Gidi they expect all this so called rich men to have a social responsibility to the society, i mean “a little drop can make more than an ocean” dat is by using their own wealth to develop Nigeria not to develop “Skirt or Women” buying expensive cars and houses for them.

  15. Enuff said

    November 17, 2011 at 1:33 pm

    @ hausa babe, my name is gonna be on the list soon.

  16. jummy

    November 17, 2011 at 2:53 pm

    bella naija i think u guys are ass kissers…u follow everything u see and u never criticize. it is your job as journalist to give your view on issues. its not always about uploading beautiful pictures and names. There is good standard in good criticism. I’m not saying these based on this topic alone its just something I’ve observed overtime. lots of youths come to this blog and i think in the mist of the fame and lifestyle thing going on you guys should sometimes be realistic and stop trying to please the rich….. cheerz

    • mary007

      November 17, 2011 at 8:42 pm

      What are you saying exactly?

    • Dayo

      November 17, 2011 at 10:42 pm

      Dude, if you don’t like the site, please go somewhere else. It is not by force. There are a million and one sites out there for you to pontificate and preach and “aluta continua” on the web all day long. Some of us need a break from all that Internet revolutionizing. Life is not one-dimensional, and even Jesus stopped long enough to turn water into wine so that folks can jollificate.

    • songo

      November 30, 2012 at 10:21 am

      If u dont like the site, abeg go sumwhere else, thanks a lot

  17. snap

    November 17, 2011 at 3:40 pm

    lmao @ella

  18. Lanre

    November 17, 2011 at 4:32 pm

    @ tony… billionaires like keem belo-osagie don’t just stay at home, they work really hard man! that’s the cool dude behind etisalat…

  19. Sett

    November 17, 2011 at 6:00 pm

    wiht Hakeem Belo Osagie on this list, now i am supicious that egunje has entered the compliation process. no. Hakeem is not a silent billionaire, dude pls

  20. Kelechi

    November 17, 2011 at 7:33 pm

    If Ibeto and the Ibrus are not on that list,something is wrong. Dangote, made his money through monopoly and flirting with all government in Power. Out of fear people don’t like to expose their wealth, mostly in a country that is as vulnerable as Naija. I strongly believe a lot of Billionaires from Nnewi or Abriba would not need such exposure for fear of kidnappers

  21. simzy

    November 17, 2011 at 7:34 pm

    No women made the list because we african women are too busy using marraige and our children as excuses while our counterparts in other parts of the world are balancing family and careers pretty well…Thank God for the Ngozi Okonjo-Iwealas, Arunma Otehs, Shola David-Borhas, and many other go-getters we have today, at least some strong Nigerian women leaders for the younger ones to look up to.

    • Sett

      November 17, 2011 at 10:30 pm


  22. Anonymouzly

    November 18, 2011 at 7:32 am

    Simzy, that’s a truly ignorant comment. Don’t say “we” african women…say “the african women I know”. It’s such a general and ignorant term. It is unfortunate that you may not know women who are balancing their families and careers pretty well.

    • simzy

      November 18, 2011 at 9:50 pm

      Unless I missed your name on the Forbes List my dear, I stand by my statement, If it makes you feel better “the African women I know” need to step up thier A-game because I know we’re capable of competing and beating the very best of the men on this list, and were also capable of expressing ourselves without resorting to calling each other ‘ignorant’. God bless…

  23. Truthspeaker

    November 18, 2011 at 12:43 pm

    Chukwunna!!!! Why are Nigerian’s so darn negative?! (I’m Nigerian too by the way). Tomato or Tomatoe nah the same thing…. People come on Bella naija and the 1st thing they say has to be negative like they are perfect. We really need to stop sweating the small stuff and focus on the positive, We need to starting seeing the glass as “half full rather than half empty” biko. SMH

  24. mereal

    November 18, 2011 at 2:13 pm

    LWKMD OOOOOOO. Sometimes when i’m bored all i do is just visit BN and view all d comments. As in d comments alone are enuf to make my day. Some pple quarell as if they’ve met b4. lolz

    • BukiOni

      November 18, 2011 at 2:53 pm

      I recently discovered a new term – “comment debates” – where people have a debate via a comments board, lol. I’ve had a few on Facebook in my time and it’s soo funny, I sometimes think that faceless comment debates are even more funny because ppl tell you what they really think mostly because they can hide behind anonymity. Some of the things they come up with are hilarious whereas other times they can be quite mean but I suppose that’s leaning more towards cyber bullying which is definitely not the case here! But you’re right the comments on BN are crazy funny, they always cracks me up.

  25. B1

    November 18, 2011 at 7:41 pm

    Hakeem Bello Osagie is an inspiration to many with his humility. He isnt just about business and economy. He parades a resume that few people in the world do with degrees from Cambridge University , Oxford University and Harvard University. He sure is a wizkid and with so much lesson for a lot of us to learn from.

  26. Temzy

    November 19, 2011 at 1:29 pm

    Why are peopel not understanding basic maths 10,000million = 1 billion.Simple
    bellanaija is right.Some people on the list dont worth a billion, so 600 million = 0.6 billion. But they choose to stay in millions.Nigerians always like to prove I know too much!!!!!!!!

  27. GTManagers

    November 19, 2011 at 5:23 pm

    Pretty good one. Nigeria is improving in the region. perhaps that shows the level of effort being put by these men to make Nigeria better.

    Invest in GTManagers LTD

  28. Dolly p.

    November 19, 2011 at 7:18 pm

    Some people own na to dey find mistake everywhere… make una no go find way make una own moneyyyy. pshewwww…

    • ben

      November 21, 2011 at 6:49 pm

      LMAO! I like the way you hissed.

  29. SANDI

    November 19, 2011 at 8:15 pm

    America you hv corrupt d whole world with all kind of evil and corruption..we dont need these lists you come up with feeding into d ego of the thieves and encouraging them to steal more and ruin the we know naija for sure,all of them now will want to steal more in order to be on Forbes(the new ovation mag for them).

  30. kenny

    November 20, 2011 at 9:34 pm

    time spent analyzing and detecting peoples mistakes ,should be put to good use not arguing over billions or millions….

  31. Abanonu

    November 21, 2011 at 2:56 am

    Let their billions start talking in this country and let the level of life improve…because majority are still living bellow the World rated minimum wage..if you live in a tall fine building in the midst of MUD houses …dear..your house is as good as a mud one. But wait …wait…am proud of them though…most of them laboured so hard to get to where they are today.. unlike some …’people’ who loath the national treasury.

  32. Priscy

    November 21, 2011 at 11:17 am

    @simzy, we African women dont need to make Forbes list to know our networth! Trust me I know.

  33. aston.

    November 21, 2011 at 3:34 pm

    LoL funny enough i agree with @simzy African Women need to step up, we need to step up and stop being mediocre and average, once u have a good job that is all, forget our ministers and Okonjo Iweala we nor dey try….. I’m a lady and me sef i know! i also don’t deceive myself.

  34. ppl.fall.back

    November 21, 2011 at 6:44 pm

    i really don’t know why people are quibbling over who’s on or off the list or who should/shouldn’t be. at the end of the day..all the names being bandied about are successful men in their own right. we shld all be focusing on making our own success! and why is ‘sett’ such a bad belle?! LoLs!

  35. Jovie Onyema

    November 23, 2011 at 9:27 pm

    my name go enta dis list oh! Did you notice that all 40 billionaire’s money put together is not up to first two richest in US?

  36. Shalomdee

    November 30, 2011 at 10:03 am

    You are right @ppl.fall, we should be more concerned about making the Forbes list. Through constant hardwork, focus and determination, we can reach the goal.#PassionConnect

  37. Agbalaya mariam

    December 3, 2011 at 7:05 pm

    U can only see dis people on list bcos der asset can be traced,der ar many out der dt hav it but dey ar not bold 2 declare it bcos of d source

  38. stanley obi

    December 13, 2011 at 6:44 pm

    How much are they paying their stalf ?how many people in they state have they help?

    • songo

      November 30, 2012 at 10:27 am

      These men have industies and are helping to alleviate the issue of unemployment so i think we should be grateful to them instead of nagging. They are employers of labour

  39. Babe

    January 4, 2012 at 5:28 am

    It’s amazing how the richest man in Africa provides basic needs and earns ‘$ 10100 million’ (since y’all are contending) and Beyonce & Jay-Z are worth a total of $700 million from singing….

  40. Chijioke

    May 8, 2012 at 12:56 pm

    I totally agree with @simzy , Anonymouzly, wts ur statistic to prove your point. Its just obvious that majority of women are in the back burner prefering to be in the home front and too scared to do any other thing…

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