Aliko Dangote Reclaims Title as Africa’s Wealthiest Person, Surpassing South African Business Magnate Johann Rupert
Forbes and Bloomberg have reported that Nigerian billionaire Aliko Dangote has once again secured his spot as the richest individual in Africa. As of January 8, 2024, Dangote’s net worth surged by $10 billion, reaching $10.1 billion, propelling him ahead of Johann Rupert, the South African luxury goods tycoon.
Johann Rupert’s wealth has seen a decrease, dropping from $10.7 billion on January 30, 2023, to $10 billion presently, resulting in Dangote surpassing him in the billionaires’ rankings. Presently, Dangote holds the 191st position on the Forbes list, while Rupert ranks 197th globally.
Additionally, Dangote maintains his status as Africa’s richest individual on the Bloomberg Billionaire Index. The bulk of his wealth, according to Bloomberg, stems from his 86 percent ownership in the publicly traded Dangote Cement. His diverse portfolio includes stakes in other publicly traded companies such as Dangote Sugar, NASCON Allied Industries, and United Bank for Africa. These shares are held both directly and through his conglomerate, Dangote Industries.
Dangote Industries also possesses privately held businesses across various sectors like food manufacturing, fertiliser production, and oil.
Notably, his fertiliser plant, capable of producing up to 2.8 million tonnes of urea annually, stands as his most valuable privately held asset. KPMG conducted a discounted cash flow analysis to evaluate its net worth, a valuation corroborated by external analysts.