Nigeria’s prominent billionaire businessman, Aliko Dangote, has experienced a decline in his net worth due to recent operational charges imposed by the Central Bank of Nigeria on the foreign exchange market.
As a result, he has been surpassed by South African entrepreneur Johann Rupert as Africa’s richest man, according to Forbes Magazine.
As of Friday, Johann Rupert’s net worth stands at $12 billion, as reported by Forbes Real-time Global Billionaires Ranking, while Aliko Dangote trails behind with a net worth of $10.8 billion.
The depreciation of the Naira against the US dollar, caused by the operational charges implemented by the Central Bank of Nigeria, has significantly impacted the fortunes of Nigerian billionaires.
Consequently, Forbes and Bloomberg were compelled to recalculate the wealth of all Nigerian billionaires, resulting in substantial decreases in the net worth of Dangote, Abdul Samad Rabiu (founder of BUA Cement), and Mike Adenuga (Chairman of telecommunications giant Globacom Limited).
However, there is hope for Dangote’s financial resurgence with the upcoming launch of the $20 billion Dangote Refinery, which was commissioned just last month. The refinery’s anticipated operation is expected to bolster Dangote’s wealth once again.