ByOmokolade Ajayi





Aliko Dangote, the visionary founder and chairman of Dangote Industries Limited, a leading conglomerate in Africa, has lost his long-held title as Africa’s richest man.

Forbes, the prestigious business magazine, recently published an updated list of the world’s wealthiest billionaires, revealing that Dangote’s fortune plummeted by a staggering $3.4 billion in a single day due to the recent devaluation of the Nigerian naira against the U.S. dollar.

This sharp drop has pushed him down from his long-standing spot atop Forbes’ list, making way for South African billionaire Johann Rupert, who now claims the throne with an impressive fortune of $12 billion.

For years, Dangote held the title of Africa’s richest man, a position he has held since 2013.

His financial achievements reached an unprecedented milestone in 2014 when his wealth surpassed the $20 billion mark, marking him as the first African entrepreneur to achieve such a remarkable feat.

In the past decade according to Forbes records, Dangote’s net worth has faced significant setbacks. Starting at $25 billion in 2014, his fortune gradually dwindled to $14.2 billion, largely impacted by the series of currency devaluations that have adversely affected Nigerians’ wealth, income, and purchasing power.

The latest blow to his wealth sees his fortune decline by $3.4 billion, settling at $10.8 billion at the time of this report.

This dramatic plunge is a direct consequence of Nigeria’s currency hitting a record low, with the central bank auctioning dollars at a rate nearly 30 percent weaker than the tightly controlled official market.

The official market trading restrictions were lifted on Wednesday, which caused the naira to reach an all-time low of 750 to the dollar, significantly dropping from the previous day’s rate of 477 naira to the dollar.

This devaluation severely impacted Dangote’s assets, including his substantial 86 percent stake in Dangote Cement, his holdings in Dangote Sugar Refinery, and his private interests in Dangote Industries.

Although Forbes estimates Dangote’s fortune at $10.8 billion due to the recent devaluation, Bloomberg estimates present a slightly different picture.

According to Bloomberg, Dangote’s net worth stands at $16.8 billion, making him the wealthiest individual on the African continent. Meanwhile, Johann Rupert’s net worth remains steady at $13.3 billion.

Dangote is not the only Nigerian billionaire on the Forbes list whose wealth has been significantly impacted by the recent devaluation of the naira. Other notable figures include Abdul Samad Rabiu, a billionaire industrialist, and telecom and oil mogul Mike Adenuga.

Rabiu’s net worth took a $2 billion hit, plummeting from $8.2 billion to $6.2 billion, consequently losing his spot as the fourth-richest person in Africa to Egyptian billionaire Nassef Sawiris, who presently boasts a net worth of $6.9 billion according to Forbes.

Hmm okay o

Happy Sunday everyone

OP abeg say, 'the man covering up for Nigerian politicians lost his position' 😂... That would be a better statement.





Dangote, fronting with our commonwealth! False facade.

I will be on this list soon

Source?

This is a sign that we are moving forward.
Once the our economy pick up then they will will also pick up.
No special status for anyone

Na wa o

What's happening we dunno yet? 🤔

Change is constant

This is sign that our economy has gone worse under Tinubu , if Dangote became poorer it means every Nigerian has also become poorer whether we like it or not

Ewooo

This is what happens when your country makes you wealthy. Once the country goes broke, you go broke too. Any significant economic policy shift will definitely affect you positively or negatively.

This is just the beginning. By the time Tinubu is done with some of his reckless economic policies, all eyes wil clear. Till then let keep cheering nonsense.

Otilo

Up Tinubu. A free market economy will see the fake government made billionaire give way to real business men. Meanwhile Tinubu will still be kicked out by the courts. He is implementing Peter Obi's ideas. The original owner of the ideas will come and perfect the good work he started

IGBos lost Africa richest tribe rankng as Forbes updated list

Tinubu single FX policy is targeted at the igbos

Let the fight begin ... 🤣🤣🤣🤣🤣🤣🤣🤣

onez:
This is just the beginning. By the time Tinubu is done with some of his reckless economic policies, all eyes wil clear. Till then let keep cheering nonsense.

you're just like jon snow; you know nothing.

Tinubu is doing great

SalamRushdie:
This is sign that our economy has gone worse under Tinubu , if Dangote became poorer it means every Nigerian has also become poorer whether we like it or not

On the contrary, our economy is getting set for the upward trajectory. It’s a sign of redistribution of wealth, as more Naira will now be taken from the rich, by the government ,to execute projects for the common good of everyone..

Adblg0610:
On the contrary, our economy is getting set for the upward trajectory. It’s a sign of redistribution of wealth, as more Naira will now be taken from the rich, by the government ,to execute projects for the common good of everyone..

Gbam. This is good for us the Igbos

Ogene001:
Up Tinubu. A free market economy will see the fake government made billionaire give way to real business men. Meanwhile Tinubu will still be kicked out by the courts. He is implementing Peter Obi's ideas. The original owner of the ideas will come and perfect the good work he started

How will someone who came distant 3rd be installed as winner

grandstar:


How will someone who came distant 3rd be installed as winner

Hope Uzodinma came 4th

Cement Baron

I wonder what happened to other businesses that has viable competition...

Indomie
Spaghetti
Water
Juice
Sugar

He will bounce back in matter of months. Nothing to worry about.

SalamRushdie:
This is sign that our economy has gone worse under Tinubu , if Dangote became poorer it means every Nigerian has also become poorer whether we like it or not

Ignorance.

billionman:
This is what happens when your country makes you wealthy. Once the country goes broke, you go broke too. Any significant economic policy shift will definitely affect you positively or negatively.

What do you mean exactly?

billionman:
This is what happens when your country makes you wealthy. Once the country goes broke, you go broke too. Any significant economic policy shift will definitely affect you positively or negatively.

your envy to others progress is in your lineage. Note that the report said;naira devaluation is part of the factors that affected his incomes.go to court as your country made Dangote richer than you.

ItooWorWor:


Ignorance.

Say something smart please