Aliko Dangote, the founder and CEO of the Dangote Group, has been the richest man in Africa for 12 consecutive years. The Nigerian billionaire who derives most of his wealth from Dangote Cement has now been displaced by South African billionaire Johann Rupert.
At the time of filling this report, Forbes’ Real-Time Global Billionaires Ranking placed Johann Rupert’s net worth at $12 billion, while Nigerian billionaire Aliko Dangote trails behind with a net worth of $10.8 billion.
How did Dangote lose his place?
Recall that Aliko Dangote’s net worth had taken a hit due to Nigeria’s currency hitting a record low after the central bank auctioned dollars at a rate nearly 30 per cent weaker than the tightly controlled official market.
Reports say that the Nigerian business mogul’s net worth plummeted from $21 billion on the 14th of June 14 to $17.8 billion on the 15th of June, marking a $3.2 billion loss within 24 hours.
Also, the Naira devaluation severely impacted Aliko Dangote’s assets, including his 86 per cent stake in Dangote Cement, his holdings in Dangote Sugar Refinery, and his private interests in Dangote Industries.
This development made Forbes Magazine and Bloomberg, the two outlets that publish the world’s most reliable billionaire rankings, recalculate the fortunes of all Nigerian billionaires. The recalculation recorded significant losses for the Nigerian billionaires who feature on both rankings – Aliko Dangote, Abdulsamad Rabiu and Mike Adenuga.
While Johann Rupert is now Africa’s richest man, according to Forbes, Bloomberg still lists Aliko Dangote as the continent’s number one billionaire. Bloomberg estimates Dangote’s net worth at $16.8 billion, while Rupert’s fortune is pegged at $13.3 billion.
Both publications use different methods to verify the accuracy of the financial information they receive. They may also apply different discounts to various assets billionaires own.
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