Aliko Dangote is Africa’s richest man for the eighth consecutive time although his wealth dropped by $2 billion from $12.2 billion in January 2018 to $10 billion in 2019.

This is according to Forbes’ Africa Billionaires List released on Wednesday.

Mike Adenuga, chief executive officer of Globacom with interests in oil exploration and real estate, moved up to be Africa’s second richest man.

The American magazine said Adenuga’s net worth dramatically increased from $5.3 billion to $9.2 billion because he provided more detailed information about his assets.

Abdulsamad Rabiu, chief executive officer of BUA Group, featured on the list for the first time since 2015.

Rabiu’s Kalambaina Cement firm merged with Cement Company of Northern Nigeria, which he controlled, in December 2018. He now owns 97% of the entity.

Kalambaina, which operates a new cement production facility, started selling cement in mid-2018. Separately, Rabiu’s OBU Cement recently expanded its operations, adding a new production line.

Folorunsho Alakija, whose net worth dropped to $1.1 billion from $1.3 billion, was ranked 19th.

The rank was a tie with South African banker, Michiel Le Roux.

Commenting on the reduced net worth of the personalities, Forbes said “buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago.

“Four people fell off Forbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago.”

In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe.