Breaking: Aliko Dangote Reclaims Crown as Africa’s Richest as Wealth rises by over N13bn in 24 hours

• Aliko Dangote is Africa’s richest man after losing his title to South African billionaire Johann Rupert
• Dangote reclaimed his title following an increase in his wealth by over N13 billion within 24 hours
• Despite the improvement in ranking, Aliko Dangote’s net worth is still below $11 billion, as Naira devaluation continues to have an impact

Aliko Dangote has reclaimed his title as Africa’s richest man, months after losing it following the Central Bank of Nigeria’s decision to float the naira.

According to Forbes, Dangote’s net worth increased by $17 million (about N13.03 billion) or 0.16% to $10.9 billion on Monday, August 14, 2023.

This amount is now higher than that of Johann Rupert, who held the title of Africa’s richest man for over a month

Forbes also reports that Dangote, Africa’s richest person, has moved up one step in the ranking among the world’s billionaires to 166th.

Meanwhile, Rupert, the second-highest-ranked African billionaire, is now ranked 167th globally.

Source of Dangote’s Wealth

The majority of Dangote’s fortune is derived from his 86% stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.

Dangote’s other publicly traded assets include stakes in Dangote Sugar, Nascon Allied Industries and United Bank for Africa.

His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.

It is expected that when his 650,000 barrels per day refinery comes into operation, his wealth is expected to increase.

Nigeria’s other billionaires’ net worth

• Abdulsamad Rabiu- $5.6 billion
• Mike Adenuga- $3.6 billion

Dangote, Elumelu’s wealth soars N3.2bn in one day as UBA shares skyrocket to highest level in 2023

Meanwhile, in another similar report, Legit.ng revealed that the chairman of United Bank for Africa, Tony Elumelu, and Africa’s Richest man Aliko Dangote have made a combined N3.2 billion in one day, following the increase in the UBAs shares.

Data obtained from the Nigerian exchange shows that the stock price of UBA increased to N14.9 per share on Friday, July 21, 2023.

This represents a 9.96 percent improvement compared to the 13.55 it traded the previous day.

Source: Legit.ng