Dangote Tightens Grip on Africa’s Richest Man Title as Net Worth Rises to Over N11 Billion

Aug 28, 2023 | Entertainment, News


  • Aliko Dangote has fully taken back his title as Africa’s richest man after losing it to South African billionaire Johann Rupert
  • Dangote net worth is now above N11 billion after struggles since the Central Bank of Nigeria’s devaluation
  • Other Nigerian billionaires, Abdulsamad Rabiu and Mike Adenuga’s wealt,h have also shown improvement

Nigerian billionaire Aliko Dangote has cemented his status as the wealthiest man on the African continent.

According to Forbes, the industrialist’s net worth has soared to an impressive $11.2 billion as of Sunday, August 27, 2023.

This represents an 8.73% or $900 million increase in net worth compared to the $10.3 billion he started August with.

Aliko Dangote's net wortn
Aliko Dangote’s net worth rises above $11 billion.
Photo Credit: Wei Leng Tay/Bloomberg
Source: UGC

Forbes billionaire ranking

The latest net worth of Dangote has widened the gap with his closest rival, South African billionaire Johann Rupert.

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According to Forbes, Rupert has a net worth of $10.2 billion as of Sunday, August 27, which is $1 billion less than Dangote’s current net worth.

At the start of August, Rupert was reported by Forbes to be worth $11.8 billion.

In the last 23 days, Rupert has lost over $1.1 billion.

Dangote’s net worth rises

Dangote wealth increase is thanks to the strong performance of his publicly traded companies on the Nigerian exchange, especially his cement companies in the last week.

Legit.ng analysis shows that in just eight days Dangote’s net worth increased by $200 million.

Dangote is the highest shareholder in his cement company, and most of his wealth comes from the performance of the company’s stocks.

Data from NGX shows that as of August 17th, the share price of Dangote cement was at N349.9; by the end of trading on Friday, August 25, 2023, it had increased to N360 per share.

Other Nigerian billionaires’ net worth

  • Abdulsamad Rabiu- $6.1 billion
  • Mike Adenuga- $3.6 billion

Dangote Cement claims top spot, MTN follows on list 10 most valuable companies in Nigeria

Legit.ng reported earlier that Dangote Cement has emerged as the most valuable company in Nigeria by Market capitalisation as of the end of July 2023.

According to data from the Nigerian exchange, Dangote cement overtook telecom giant MTN, which occupied the top spot in the previous month.

Investopedia defines Market capitalisation as how much a company is worth as determined by the stock market. It is calculated by multiplying the number of outstanding shares by the current market value of one share.

Source: Legit.ng





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