Forbes: Dangote Reclaims Spot As Africa Richest Man

In a significant shift in the rankings of the world’s wealthiest individuals, Aliko Dangote, a prominent Nigerian business magnate, has reclaimed his status as the richest person in Africa.

This update comes from Forbes Real-Time Billionaires, a daily ranking platform tracking the net worth of high-net-worth individuals globally.

Naija News had previously reported that Johann Rupert, a South African business tycoon, briefly overtook Dangote as Africa’s wealthiest individual.

However, as of January 8, 2024, Dangote’s net worth has increased by $10 million, bringing it to a total of $10.1 billion.

This increment has enabled him to surpass Rupert, who is involved in luxury goods and whose net worth stood at $10 billion on the same date, a decrease from $10.7 billion as of January 30, 2023.

Dangote’s resurgence in wealth has positioned him as the 191st richest person globally, according to Forbes, while Rupert is now ranked 197th worldwide.

Additionally, Dangote maintains his lead as Africa’s richest man on the Bloomberg Billionaires Index.

Bloomberg attributes the majority of Dangote’s fortune to his 86 percent stake in Dangote Cement, a publicly traded company.

This stake is held both directly and through his conglomerate, Dangote Industries. His financial portfolio also includes significant shares in Dangote Sugar, NASCON Allied Industries, and United Bank for Africa.

These assets are managed through direct holdings and via Dangote Industries, which further owns businesses in food manufacturing, fertilizer, oil, and other sectors.

One of Dangote’s most valuable privately-held assets is a fertilizer plant capable of producing up to 2.8 million tonnes of urea annually.

Its net value, determined by a discounted cash flow analysis from KPMG and verified by external analysts, contributes substantially to his net worth.

His cash holdings, derived from an analysis of dividends, taxes, insider transactions, and other expenditures, further cement his position as a leader in African wealth.