South African billionaire Johann Rupert has overtaken Nigerian businessman Aliko Dangote to claim the title of Africa’s richest man, as reported by Forbes Magazine.
According to Forbes Real-time Global Billionaires Ranking, Rupert’s net worth currently stands at $12 billion, while Dangote trails behind with a net worth of $10.8 billion as of Friday.
Dangote’s wealth declined due to recent foreign exchange market regulations implemented by the Central Bank of Nigeria, which resulted in the devaluation of the Naira against the US dollar.
As a result, Forbes and Bloomberg were compelled to recalculate the fortunes of all Nigerian billionaires, leading to a significant decrease in the wealth of Dangote, Abdul Samad Rabiu (founder of BUA Cement), and Mike Adenuga (Chairman of telecommunications giant Globacom Limited).
However, with the upcoming launch of the $20 billion Dangote Refinery, which was commissioned last month, Aliko Dangote is expected to regain his position in the future.