Aliko Dangote Loses Africa’s Richest Man Title As Net worth of Nigerian Billionaires Crash
- Aliko Dangote has lost the title of Africa's richest man after his wealth dropped by nearly half a billion dollars in the last 24 hours
- South African billionaire Johann Rupert has overtaken Dangote, according to data from Forbes' billionaire rankings
- The net worth of other Nigerian billionaires also suffered huge losses in the past 24 hours, leading to a drop in their rankings
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
For the first time in 2025, Nigerian billionaire industrialist Aliko Dangote has lost the title of richest man in Africa.
According to Forbes, Dangote's net worth fell to $11.1 billion as of Friday, January 10, 2025, following a $447 million (N693.50 billion) wealth loss.
Source: Getty Images
Dangote is now ranked below South African billionaire Johann Rupert in the world billionaire rankings, with a net worth of $11.3 billion.
Forbes lists Dangote as the 205th richest person in the world, two places below Rupert, who is ranked 200th.
What happens to Dangote's net worth
Aliko Dangote owns a collection of industrial assets through his Lagos-based conglomerate, Dangote Group.
The Nigeria-based company operates sub-Saharan Africa's largest cement producer, Dangote Cement, and the continent's largest oil refinery.
Other business interests include sugar, salt, oil, fertiliser, and packaged foods.
The share performance of his assets, particularly Dangote Cement and Dangote Oil Refinery, significantly impacts his net worth.
According to Bloomberg, Dangote holds a 92.3% stake in the refinery project, valued based on its construction cost of $20 billion.
He also owns 86% of Dangote Cement, the country's largest cement producer, stakes in Dangote Sugar, Nascon Allied Industries, and the United Bank for Africa.
Nigerian billionaires' net worth
Dangote is not the only Nigerian billionaire to suffer huge losses; Thursday, December 9, was also a bad day for Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, the other names on the Forbes billionaire list.
Mike Adenuga - $21m loss
Adenuga, the second-richest in Nigeria, suffered a loss of $21 million and now has a net worth of $6.8 billion.
Forbes ranks Adenuga, whose wealth is from oil and the telecommunication industry, as the 450th richest man in the world.
Abdulsamad Rabiu - $313m loss
Nigerian business mogul Abdulsamad Rabiu drops to 703rd in the Forbes billionaire ranking after losing $313 million in 24 hours.
He currently has a net worth of $4.6 billion.
Femi Otedola - $139 million loss
Charismatic billionaire investor Femi Otedola remains the fourth wealthiest man in Nigeria and ranks 2,111th on the Forbes list.
His net worth suffered a significant loss of $139 million, leaving him with a total wealth of $1.5 billion.
Bill Gates falls out of top 10 richest people globally
Ealier, Legit.ng reported that Elon Musk has regained his title as the world’s richest person, beginning in 2025, with a staggering net worth of 421.2 billion.
The development marks a significant rise of $91 billion since December 1, 2024.
His Space exploration company, SpaceX, is one of the most valuable firms globally.
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Source: Legit.ng
