Dangote Reclaims Top Spot From Rupert On Forbes Africa’s Billionaire List

Nigerian billionaire, Aliko Dangote has reclaimed his position as the richest person in Africa, surpassing South African business magnate, Johann Rupert, according to reports from Forbes and Bloomberg.

The Forbes Daily billionaires ranking platform, which monitors the daily fluctuations in the net worth of high-net-worth people in the world, indicates that as of January 8, 2024, Dangote’s net worth rose by $10 billion to $10.1 billion.

This development pushed him ahead of Johann Rupert, the South African luxury goods tycoon, and his family.

Rupert’s net worth, at the time of reporting, stood at $10 billion, down from $10.7 billion on January 30, 2023.

On the Forbes list, Dangote is now ranked 191st globally, while Rupert is positioned at 197th.

Additionally, Dangote maintains his status as Africa’s wealthiest individual on the Bloomberg Billionaire Index.

Bloomberg highlights that the majority of Dangote’s wealth comes from his 86 percent stake in the publicly traded Dangote Cement. He holds these shares both directly and through his conglomerate, Dangote Industries.

The report from Bloomberg further notes that Dangote’s other publicly traded assets include stakes in Dangote Sugar, NASCON Allied Industries, and United Bank for Africa.

These holdings are both direct and through Dangote Industries, which also oversees privately held businesses in various sectors, such as food manufacturing, fertilizers, and oil.

One of Dangote’s significant privately held assets is a fertilizer plant with the capacity to produce up to 2.8 million tonnes of urea annually.

The valuation of this asset is based on a discounted cash flow analysis by KPMG and has been confirmed by external analysts.

KanyiDaily recalls that Dangote Refinery recently acquired one million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO) one of the largest trading companies in Nigeria for refining.