Dangote Displaced As Africa’s Richest Man

South African businessman, Johann Rupert, has displaced Nigerian billionaire and founder of the Dangote Group, Aliko Dangote as Africa’s richest man.

According to Forbes Magazine in its Real-time global Billionaires Ranking, Rupert currently has a $12 billion net worth while Dangote’s net worth is put at $10.8 billion. Rupert is the chairman of Swiss-based luxury Goods Company, Richemont; and South Africa-based Company, Remgro

Rupert, who initially followed Dangote closely, took over the number one spot following the decision of, Nigeria’s Central Bank to loosen its grip on the official exchange market, which saw the Nigerian billionaire’s worth drop by $4.12 billion, according to Bloomberg Billionaire Index (BBI).

Dangote is reported to have lost about $3.4 billion in a single day.

Read Also: Dangote Refinery To Become Largest Single-Train Refinery In The World

Meanwhile, Nigerians are more concerned about the fact that the billionaire who got a loan to build the biggest refinery in the world, has also gotten a license to import said product which many are calling counter-productive.

Other Nigerian billionaires including; the founder of BUA cement, Abdul Samad Rabiu, and the Chairman of Globacom Limited, Mike Adenuga, were also affected.