FORBES: DANGOTE RECLAIMS TITLE OF RICHEST MAN IN AFRICA

Babatunji Wusu –

The richest person in Africa is once again Aliko Dangote, the well-known business billionaire from Nigeria, in a major reversal in the rankings of the world’s wealthiest people.

The source of this information is Forbes Real-Time Billionaires, a daily ranking site that tracks the wealth of extremely wealthy people throughout the world.

For a brief period, South African business magnate Johann Rupert eclipsed Dangote as the richest person in Africa.

But as of January 8, 2024, Dangote’s wealth has climbed by $10 million, totaling $10.1 billion in net worth.

With this increase, he has surpassed Rupert, a luxury goods manufacturer, whose net worth dropped from $10.7 billion as of January 30, 2023 to $10 billion on the same date.

According to Forbes, Dangote’s comeback has elevated him to the 191st richest person in the world, whereas Rupert is currently placed 197th.

Furthermore, Dangote continues to dominate the Bloomberg Billionaires Index as the richest person in Africa.

According to Bloomberg, Dangote’s 86 percent ownership in the publicly traded company Dangote Cement is largely responsible for his wealth.

He owns this interest both individually and through Dangote Industries, his conglomerate. Significant holdings in NASCON Allied Industries, United Bank for Africa, and Dangote Sugar are also part of his financial portfolio.

These assets are controlled both directly and through Dangote Industries, which also controls companies in the food, fertilizer, oil, and other industries.

A fertilizer factory that can produce up to 2.8 million tons of urea annually is one of Dangote’s most valuable privately held assets.

Its net value, ascertained through an external analyst’s verification of a discounted cash flow study from KPMG, makes a significant contribution to his net worth.

His financial assets, which are the result of examining taxes, dividends, insider deals, and other expenses, strengthen his standing as the wealthiest African.