South African businessman, Johann Rupert has taken over the title of Africa’s richest person from Nigerian billionaire Aliko Dangote.
According to Forbes Magazine, Rupert’s wealth is currently estimated to be around $12 billion, while Dangote’s net worth trails behind at $10.8 billion.
The reason for Dangote’s decrease in wealth is attributed to recent charges on the foreign exchange market imposed by the Central Bank of Nigeria, resulting in the devaluation of the Naira compared to the US dollar.
This prompted Forbes and Bloomberg to reassess the fortunes of all Nigerian billionaires, leading to a significant decline in the wealth of Dangote, as well as Abdul Samad Rabiu, the founder of BUA cement, and Mike Adenuga, the Chairman of telecommunications giant Globacom Limited.
However, there is hope on the horizon for Aliko Dangote. Last month, the highly anticipated $20 billion Dangote refinery was commissioned, and it is expected to have a positive impact on his wealth.
With the refinery’s kickoff imminent, Dangote is anticipated to make a comeback and potentially regain his status as one of the wealthiest individuals in Africa.