Six Days After Dethronement, Dangote Returns As Africa’s Richest Man

Six Days After Dethronement, Dangote Returns As Africa’s Richest Man

Fawaz Adebisi

Aliko Dangote, who was dethroned as Africa’s richest man six days ago, has regained his position according to a recent report by Forbes Real-Time Billionaires.

Dangote was recently ranked second richest man in Africa after his wealth dropped from $13.5bn to $9.5bn in early 2024. South African business mogul, Johann Rupert rose to the first position on Forbes list.

Forbes however republished another list of billionaires in Africa, with Dangote topping the list.

Dangote is now ranked 191st globally on the Forbes list, while Rupert is ranked 197th.

The Nigerian billionaire also remains the richest man in Africa on the Bloomberg Billionaire Index.

Bloomberg revealed that majority of Damgote’s wealth is being derived from his 86 percent stake in publicly traded Dangote Cement as he also holds the shares in the company directly and through his conglomerate, Dangote Industries.

It said: “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, fertiliser, oil, and other industries.

“His most valuable closely held asset is a fertiliser plant with a capacity to produce up to 2.8 million tonnes of urea annually. Its net value is based on a discounted cash flow analysis by KPMG. The valuation was confirmed by outside analysts.”


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