Aliko Dangote, the President of the Pan-African Conglomerate, the Dangote Group, has once again secured the top spot as the wealthiest individual in Africa for the 12th consecutive year, according to the latest Forbes rankings.

In a statement titled 'Forbes 2023 Index: Dangote Still Africa's Richest for 12th Consecutive Year,' it was revealed that Dangote, renowned for his business empire including Dangote Cement Plc, the largest cement producer in Africa, remains the sole Nigerian to feature among the world's top 200 richest individuals. His estimated net worth has risen to $14.2 billion, a significant increase from last year's $12.1 billion.

It is worth mentioning that in June, South African entrepreneur Johann Rupert temporarily held the title of Africa's richest person, as reported by Forbes Magazine, with a net worth of $12 billion. However, Dangote has once again reclaimed his position at the summit of African wealth.

The statement said, “ Forbes, in its latest ranking of world billionaires for 2023 reported that falling stocks, wounded unicorns and rising interest rates translated into a down year for the world’s wealthiest people.

“Dangote, presently ranked 124th among the world’s richest billionaires, is the only Nigerian in the top 200 world billionaires and one of the two Africans within that bracket; with South Africa’s Johann Rupert, who deals in luxury goods ranked 157th with a net worth of $11.1bn.

“The Africa’s richest man founded and chairs Dangote Cement, the continent’s largest cement producer. Dangote Cement has production capacity of 51.6 million tonnes per year across ten countries in Sub-Saharan Africa, with integrated factories in seven countries, a clinker grinding plant in Cameroon, and import and distribution facilities in Ghana and Sierra Leone.”