The number of Nigerian Billionaires is on the rise according to a new rich list released by Venture Africa.
The pan-African business magazine has increased the number of from 16 billionaires to about 55. Of the 55, 20 are Nigerian, including several oil barons, while South Africa and Egypt boast nine and eight respectively.
Ventures' supported reports by Forbes which listed Nigeria's Aliko Dangote as Africa's richest man with a fortune of $20.2 billion (15 billion euros).
Dangote, who made his fortune in cement, heads a multi-interest empire, profiting from products including flour and sugar, while eyeing a massive investment in oil refining.
The continent's richest woman is Nigeria's Folorunsho Alakija, whose Fama Oil owns an offshore oil block, which she acquired in 1993. The most prominent South African named is Nicky Oppenheimer, worth an estimated $6.5 billion, whose fortune came largely from the diamond mines his family controlled for decades, which were operated by De Beers.
Oppenheimer sold his family's stake in De Beers two years ago.
The figure of 55 is “actually an under-estimate” of Africa's billionaires, Chi-Chi Okonjo, the founder of Ventures, told AFP.
“People are not comfortable disclosing their wealth,” he said.
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