Africa’s newest billionaire

Nigerian Abdulsamad Rabiu has a personal wealth of $1.2 billion.

Nigerian Abdulsamad Rabiu is the 17th addition to the elite group with a personal wealth of US$17 billion.

JOHANNESBURG - Forbes Africa magazine has revealed the latest addition to the list of African dollar-billionaires.

Nigerian commodities tycoon Abdulsamad Rabiu has made the cut as the 17th member of the elite group.

The 53-year-old's wealth has nearly doubled from $670 million in 2012 to $1.2 billion.

The magazine updates the list annually.

The latest list will be published in December.

Forbes Africa Managing Editor Chris Bishop said, "Rabiu, unlike most rich people on the continent, had the courage to be transparent in opening up his wealth to scrutiny."

Rabiu apparently opened up his accounts to Forbes for scrutiny and revealed he owns property in Britain worth $62 million and $19 million in South Africa.

He also travels in one of two private planes worth a combined total of $63 million.

Bishop spoke to 567 CapeTalk/Talk Radio 702's Bruce Whitfield about the billionaire's fiscal transparency.

To listen to the interview, click here.