Dangote Regains Title as Africa's Wealthiest Man Within 24 Hrs

Aliko Dangote Regains Position as Africa's Richest Individual with Over N13 Billion Increase in Wealth in 24 Hours
Dangote Regains Title as Africa's Wealthiest Man Within 24 Hrs

Aliko Dangote, the renowned African industrialist, has reclaimed his status as the wealthiest person on the continent, a title he temporarily lost to South African billionaire Johann Rupert. Dangote's resurgence to the top is attributed to a notable rise in his wealth, amounting to over N13 billion within a span of 24 hours.

Despite this positive development, it's important to note that Aliko Dangote's net worth remains below $11 billion, largely influenced by the continuous devaluation of the Naira.

Following the decision of the Central Bank of Nigeria to float the Naira, Aliko Dangote initially lost his position as Africa's richest person. However, recent data from Forbes reveals that his net worth experienced a $17 million increase, equivalent to about N13.03 billion, reaching $10.9 billion as of August 14, 2023.

This surge has now surpassed the net worth of Johann Rupert, who stood at $10.8 billion on the same date.

Forbes also indicates that Aliko Dangote's ascent in wealth has elevated his global billionaire ranking to 166th, marking an upward move among the world's richest individuals.

Conversely, Johann Rupert, the second-highest-ranking African billionaire, now holds the 167th spot on the global list.

The majority of Aliko Dangote's fortune originates from his substantial 86% stake in publicly traded company Dangote Cement. These shares are held directly by him and through his conglomerate, Dangote Industries. He also possesses stakes in other publicly traded assets like Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. These holdings are owned directly and through Dangote Industries, which also oversees various closely held businesses operating in sectors such as food manufacturing, fertilizer, and oil.

Furthermore, Aliko Dangote's wealth is anticipated to experience an increase upon the commencement of operations of his 650,000 barrels per day refinery.

In the same context, the net worth of other notable Nigerian billionaires stands at:

- Abdulsamad Rabiu: $5.6 billion

- Mike Adenuga: $3.6 billion

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