Devaluation: South African displaces Dangote 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 as a result of the depreciation of the Naira.

Rupert currently boasts a $12 billion net worth according to Forbes Magazine in its Real-time global Billionaires Ranking 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 Central Bank of Nigeria’s decision 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).

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Other Nigerian billionaires including; the founder of BUA cement, Abdul Samad Rabiu, and the Chairman of Globacom Limited, Mike Adenuga, were also affected as Forbes and Bloomberg had to recalculate their fortunes. Rabiu lost $2.73 billion from his wealth as a result of the floating of the Naira by the CBN.

However, Dangote is expected to bounce back with the commencement of operation at the 650,000pbd refinery in Ibeju Lekki, Lagos.