According to Forbes Magazine, South African Johann Rupert has surpassed Nigerian business magnate Aliko Dangote to take the title of richest man in Africa.

According to the Forbes Real-time Global Billionaires Ranking, Dangote is in second place with a net worth of $10.8 billion as of Friday, while Rupert is currently the wealthiest person at $12 billion.

Due to recent operating charges made by the Central Bank of Nigeria on the foreign currency market, which caused the Naira's value to weaken against the US dollar, Dangote's net worth decreased.

Dangote, Abdul Samad Rabiu, producer of BUA cement, and Mike Adenuga, the chairman of telecom giant Globacom Limited, all saw their wealth significantly decline as a result, Forbes and Bloomberg were forced to recalculate the value of all Nigerian billionaires.

Aliko Dangote is anticipated to recover, thanks to the anticipated start-up of the $20 billion Dangote refinery that was commissioned last month.