For the first time in a long while, Nigerian billionaire Aliko Dangote is no longer Africa’s richest man. According to Forbes, Dangote’s wealth fell to $11.1 billion on Friday, January 10, after losing $447 million (₦693.5 billion) in just 24 hours.
Johann Rupert Takes the Lead
South African billionaire Johann Rupert has overtaken Dangote with a net worth of $11.3 billion. Rupert, who owns luxury goods group Richemont, is now ranked 200th on the Forbes global billionaire list, while Dangote sits at 205th.
What Affected Dangote’s Wealth?
Dangote’s wealth comes from his Lagos-based conglomerate, the Dangote Group, which includes Africa’s largest cement producer, the Dangote Oil Refinery, and businesses in sugar, salt, and packaged foods.
The sharp drop in his net worth is linked to the fluctuating value of shares in his major companies, particularly Dangote Cement and the refinery project. The refinery, which Dangote owns 92.3% of, is valued at $20 billion based on construction costs. He also owns 86% of Dangote Cement, along with stakes in Dangote Sugar and Nascon Allied Industries.
Other Nigerian Billionaires Lose Wealth
Dangote isn’t the only Nigerian billionaire to face losses. Here’s how others fared:
- Mike Adenuga
The Globacom and Conoil owner lost $21 million, leaving him with a net worth of $6.8 billion. He is now ranked 450th globally. - Abdulsamad Rabiu
Rabiu, the chairman of BUA Group, suffered a $313 million loss and is now worth $4.6 billion, ranking 703rd on the Forbes list. - Femi Otedola
The billionaire investor and chairman of Geregu Power lost $139 million. His net worth is now $1.5 billion, ranking 2,111th globally.
Global Billionaire Shake-Up
On the global stage, Tesla and SpaceX CEO Elon Musk has reclaimed the title of the world’s richest person, with a staggering net worth of $421.2 billion.
The sharp losses in the wealth of Nigerian billionaires reflect the volatile nature of investments and economic factors affecting their businesses. Despite these setbacks, Dangote and his peers remain influential figures in the global business landscape.