Dangote Loses Africa's Richest Spot to South African Mogul
- Aliko Dangote, the Nigerian billionaire, has once again lost his Africa’s wealthiest man’s title to a South African
- This is the second time this month that Dangote will lose the crown to South Africa’s Johann Rupert
- The Nigerian billionaire lost about $587 million in one day to place him second in Africa and 161st wealthiest individual in the world
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigerian billionaire Aliko Dangote has lost his title as the wealthiest man for the second time in a month.
South Africa’s Johann Rupert has claimed the top spot from the Nigerian industrialist after Dangote’s wealth declined due to a drop in the shares of his company, Dangote Cement.
Source: Getty Images
Dangote Cement’s shares drop
The Nigeria Exchange Limited (NGX) data shows that the cement firm led the pack of top laggards after its share price dipped by about N59.10, a 10% drop from N591.10.
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The drop led to investors losing about N750 billion on the NGX on Monday, August 19, 2024.
Dangote holds about 86% of the cement firm's stake directly and indirectly.
Dangote records $587 million losses in 24 hours
According to data from the Bloomberg Billionaire Index, the Nigerian billionaire has lost $587 million in the last 24 hours, with a total net worth of $13.4 billion compared to Rupert’s $13.9, leaving a margin of $500 million between the two African billionaires.
This is not the first time Dangote has dropped from the top position. Earlier this month, he lost the title to Rupert by the same margin and regained it after a few days following the resurgence in the shares of his cement firm.
The Nigerian billionaire has lost almost $7 billion since the beginning of 2024 to the naira devaluation.
Dangote ranked top in Africa in 2023 with a staggering $20 billion net worth, surpassing Rupert by over $7 billion. However, his net worth has significantly declined since Nigeria embarked on currency reform in June last year.
Per the Index, Dangote is ranked as the 161st richest man in the world, while Rupert occupies the 153rd position.
Dangote Refinery fixes new date for petrol production
Dangote, whose $20 billion refinery is due to start petrol production in September, owns several companies listed on the NGX.
The billionaire has engaged Nigerian oil regulators and cartels in a battle of wits to ensure his refinery achieves full capacity in petroleum product production.
The refinery was initially billed to release petrol into the Nigerian market in August but shelved the date due to challenges in sourcing crude oil.
Recent reports show that the Nigerian government will now commence the sale of crude to the refinery and others in October, while petrol from the facility is expected to hit the market in September.
Dangote secures new position in world’s billionaire list
Legit.ng previously reported that Dangote climbed the world billionaire list after making over $8.04 million or N12.72 billion on Wednesday, August 14, 2024.
According to the Bloomberg Billionaires Index, Dangote's wealth now stands at $13.9 billion, making him the 141st richest person in the world.
He is now ahead of South African billionaire Johann Rupert, who recently overtook Dangote to become the wealthiest man in Africa.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
