Popular Nigerian businessman, Aliko Dangote, is no longer Africa’s richest man as South African billionaire, Johann Rupert, displaces him as Africa’s richest man.
According to the recent Forbes Billionaire Ranking, Dangote’s net worth has reduced by 20.7% amid the devaluation of naira implemented by the Central Bank of Nigeria (CBN).
CBN’s recent devaluation of the naira has made the value of the Nigerian currency to drop by 40.5%.
As a result of the devaluation, the naira to dollar exchange rate closed Friday’s trading with N663.04/$1 against N471.67/$1 on Tuesday.
Amid the fall decline in the value of the naira, the denomination Dangote’s wealth is based on, the Nigerian billionaire fell to the second position on the list while Rupert took the first spot.
Dangote’s wealth reduced by $2.80 billion to $10.7 billion, from $13.5 billion, making him lose the richest man position for the first time since 2008, when he debuted on the Forbes Billionaire Index.
Meanwhile, Rupert became the richest man in Africa after his net worth rose by $1.3 billion from $10.7 billion to $13.5 billion.
Though Bloomberg Billionaire Index reveal that Dangote remains the richest man in Africa with $16.8 billion after recording a year-to-date loss of $1.86 billion, Rupert was placed on the second spot with a net worth of $13.6 billion, with a year-to-date profit of $2.67 billion.
Note that Bloomberg and Forbes use different methodologies for determining the richest man in the world or Africa list, hence the difference in position and net worth of Dangote and Rupert.
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