Nigeria’s richest man, Aliko Dangote, has been displaced as Africa’s richest man, the position he held for over a decade.
According to Forbes, Dangote’s fortunes plunged by about $3.4 billion in a single day because of Nigeria’s naira devaluation, which slashed the fortunes of most Nigerian billionaires.
The drop pushed Dangote to the number two spot on the Forbes list, with South African billionaire Johann Rupert clinching the top spot.
The drop pushed Dangote to the number two spot on the Forbes list, with South African billionaire Johann Rupert clinching the top spot.
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Dangote has held the top spot on the Forbes list for 12 years. In 2014, Forbes estimated Dangote’s wealth to have surpassed the $20 billion mark. According to reports, Dangote’s wealth declined from $25 billion in 2014 to $14.2, due mainly to several currency devaluations by Africa’s biggest economy.
Meanwhile, Dangote retains the top spot in Africa on Bloomberg Billionaire’s Index but has dropped out of the first 100 positions globally. Bloomberg estimates Dangote’s wealth to be about $16.8 billion from $21.2 billion. Rupert’s wealth is $13.3 billion while retaining the number two spot on the Bloomberg list. Apart from Dangote, other Nigerian billionaires on the Forbes list suffered a massive hit due to the naira devaluation. His closest rival in Nigeria, Abdul Samad Rabiu and Mike Adenuga, took a hit.
The sluggish performance of the Nigerian stock exchange affected Dangote’s fortunes.
By Ajibola Adedoye