The Chairman and Chief Executive Officer of Dangote Group, Aliko Dangote, has been named the richest man in Africa for the 11th year in a row by Forbes.

According to Forbes in its latest report on the richest people in Africa, Dangote is worth an estimated $13.9 billion, which is up from $12.1 billion last year after a 30% increase in the stock price of his most valuable asset, Dangote Cement.

Forbes analysts attributed Dangote’s retention of the top spot to the “surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021.”

Also, Nigerian business tycoon and founder of the BUA Group, Abdulsamad Rabiu, came in fifth with around $7 billion in net worth.

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The Forbes report stated that Rabiu became $1.5 billion richer after listing his sugar and food firm BUA Foods on the Nigerian Exchange Limited in early January 2022.

“He and his son retained a 96% stake in the company, which recently had a market capitalization of nearly $2.8 billion. BUA Cement, in which he and his son have a 96% stake, listed in January 2020,” Forbes stated.

Meanwhile, Founder and CEO of Globacom, Mike Adenuga, comes in a close sixth after Rabiu with an estimated net worth of $6.7 billion.