SOUTH AFRICAN Johann Rupert has displaced Nigerian billionaire businessman Aliko Dangote to become Africa’s richest man, Forbes Magazine said.
This development is not unconnected with the recent unification of foreign exchange rates being enforced by the Central Bank of Nigeria (CBN) under the promised reforms of and stands of President Bola Ahmed Tinubu, analysts say.
Media outlets in Nigeria reported how Dangote lost $4.12 billion since the naira devaluation and has dropped off from the top 100 richest people.
“Aliko Dangote’s wealth has decreased by $4.12 billion since the liberalisation of the naira and the unification of exchange rates by CBN,” a report by Nairametrics was quoted to have said.
The devaluation of the Nigerian naira affects the valuation of Dangote’s assets, including Dangote Cement, Dangote Sugar , and Bascom Allied Industries.
Meanwhile, Rupert’s net worth is currently $12 billion according to Forbes Real-time Global Billionaires Ranking, while Dangote trails behind him with a net worth of $10.8 billion as of Friday, June 16, 2023.
Dangote’s net worth dropped due to the recent operational charges on the foreign exchange market carried out by the Central Bank of Nigeria, which led to the depreciation of the Naira against the US dollar.
Consequently, Forbes and Bloomberg had to recalculate the fortunes of all Nigerian billionaires leading to the significant drop in the wealth of Dangote, Abdul Samad Rabiu, the founder of BUA cement, and Mike Adenuga, the Chairman of telecommunications giant Globacom Limited.
Meanwhile, with the expected kickoff of the $20 billion Dangote refinery commissioned last Month, Aliko Dangote is expected to bounce back.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.