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Billionaire Nigerian oil and telecom tycoon, Mike Adenuga, got richer in 2016. According to Forbes Magazine, his net worth increased $2.7 billion to $5.8 billion since December 31, 2015 and no other African billionaire added more than $1 billion to his or her net worth in the past year.

Meanwhile, Aliko Dangote, who is still the richest man in Africa has lost more than half his networth of 2014. He was worth $25billion in 2014 but worth $12.4 billion by the end of 2016…

According to Forbes

While Aliko Dangote is still Africa’s richest man by far, he’s not as rich as he used to be. In February 2014, his fortune hit an all-
time high of $25 billion. Today, he’s just
worth half of that. FORBES estimates that he
is currently , down from $17.2 billion this
time last year on the back of a Central Bank devaluation of the Naira, Nigeria’s currency,
in June. Having shed $4.8 billion off his
fortune within the last 12 months, Dangote
is Africa’s biggest billionaire loser in dollar
terms in 2016

On Mike Adenuga

“The increase in Adenuga’s net worth is
largely due to new information Forbes
obtained in 2016 about the value of his
assets. Adenuga owns Nigerian telecom
company Globacom and Nigerian oil
company Conoil Producing. While Adenuga’s net worth has increased since
the beginning of 2016, it has dropped
significantly since March 2016, when
FORBES valued his fortune at $10 billion on
the 2016 Billionaires List. Since then, his net
worth has dropped $4.2 billion, due to the devaluation of the Nigerian Naira and the
country’s struggling oil sector. Adenuga
was the only Nigerian billionaires whose
net worth increased this year. (Aliko
Dangote, the richest Nigerian and Africa’s
richest man, saw his fortune drop nearly 28% to $12.4 billion over the course of
2016.)”

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