Mr Dankoto is ranked 51, compared with 67 in the 2015 list when the magazine put his fortune at $14.7bn.
He is the founder and chairman of Dangote Cement, Africa's largest cement producer.
The second-richest African is another Nigerian, Mike Adenua, who is worth $10bn, while South Africa's diamond mining magnate Nicky Oppenheimer is in third spot with $6.6bn, Forbes says.
The magazine puts Mr Adenua, who built his fortune in the oil and telecom industries, at 103 in the list of world billionaires and Mr Oppenheimer at number 174.
You can read the full Forbes list here.
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