Dangote is worth an estimated $13.9 billion, according to Forbes' latest survey on Africa's wealthiest people, up from $12.1 billion last year after a 30% gain in the stock price of his most valuable company, Dangote Cement.
"A boom in home constructions in Nigeria, as well as growth in government infrastructure spending, fuelled increased demand in the first nine months of 2021," according to Forbes analysts.
Abdulsamad Rabiu, a Nigerian business tycoon and BUA Group creator, placed fifth place with a net worth of over $7 billion.
Rabiu made $1.5 billion after launching his sugar and food company BUA Foods on the Nigerian Exchange Limited in early January 2022, according to Forbes.
"He and his son owned 96 per cent of the company, which had a market capitalization of nearly $2.8 billion at the time." BUA Cement, in which he and his son own a 96 per cent stake, is set to go public in January 2020," according to Forbes.
Meanwhile, Mike Adenuga, the founder and CEO of Globacom, is a close second after Rabiu, with a net worth of $6.7 billion.