World News

Africa Richest: See the New Position of Nigeria’s Aliko Dangote

Published by Tope Fakinlede on September 8th, 2024.

Africa Richest: See the New Position of Nigeria’s Aliko Dangote

Aliko Dangote, the prominent Nigerian businessman and chairman of the Dangote Group, has reclaimed his position as Africa’s richest individual, surpassing South African billionaire Johan Rupert.

Recent Forbes figures reveal that Dangote’s net worth is now $11.7 billion, surpassing Rupert’s $10.8 billion. This shift marks the return of Dangote’s long-held title, which he briefly lost to Rupert in August 2024.

The Bloomberg Billionaires Index supports this change, showing Dangote’s wealth at $13.3 billion, just ahead of Rupert’s $13.2 billion. This close margin highlights Dangote’s restored leadership, especially notable after Rupert briefly held the top spot with a $1 billion lead.

Johan Rupert, founder and chairman of the Swiss luxury goods conglomerate Richemont—owner of brands like Cartier and Montblanc—saw a decline in his wealth due to market fluctuations and currency issues.

In contrast, Dangote’s financial stability has enabled him to regain his status as Africa’s wealthiest person. The Dangote Group continues to pursue ambitious growth strategies, with plans to increase its revenue to $30 billion by 2025.

Central to Dangote’s strategy is a major overhaul in foreign exchange operations, aiming to reduce reliance on the Central Bank of Nigeria and establish the group as Africa’s largest foreign exchange provider. He also plans to diversify the group’s revenue sources, reducing dependence on the Nigerian cement market from 75% to 15%, and increasing international revenue to account for 50% of EBITDA.

The Dangote Refinery, set to make its first shipment of Premium Motor Spirit (PMS) on September 3, 2024, marks a pivotal development in Nigeria’s energy sector. With a capacity of 650,000 barrels per day, the refinery aims to reduce the country’s dependence on imported petroleum products and enhance Nigeria’s position as a net exporter of refined products.

The refinery’s completion has been well-received, with notable endorsements from figures such as Nigerian billionaire Femi Otedola. This project is expected to significantly impact both the Dangote Group and Nigeria’s oil industry, potentially transforming the nation’s role in the global petroleum market.