Dangote has regained his status as Africa’s richest person, surpassing other billionaires to reclaim his position at the top.
Aliko Dangote, the Nigerian tycoon and head of the Dangote Group, has once again secured his position as Africa’s richest person by surpassing South African billionaire Johan Rupert.
Forbes’ latest reports show that Dangote’s wealth has risen to $11.7 billion, overtaking Rupert whose net worth has fallen to $10.8 billion. With this development, Dangote once again holds the title of Africa’s richest individual after briefly losing it to Rupert in August 2024.
The Bloomberg Billionaires Index also illustrates this change, positioning Dangote’s wealth at $13.3 billion – slightly surpassing Rupert’s $13.2 billion.
Despite the net worth gap between them being smaller, Dangote has managed to regain his lead over Rupert. It is noteworthy that just a mere two weeks ago, Rupert was ahead by $1 billion in terms of wealth ranking.
Due to the unpredictability of global demand for luxurious merchandise and currency market obstacles, Johan Rupert – founder and chairperson of Richemont luxury empire that comprises distinguished labels such as Cartier or Montblanc – witnessed a decline in his wealth.
Read Also: South Africa’s Johan Rupert Surpasses Dangote to Become Africa’s Richest Man
Dangote has maintained a stable financial status, allowing him to reclaim his position as the wealthiest individual in Africa. Being one of the most notable business tycoons on the continent, he continues to broaden his commercial horizons by expanding The Dangote Group’s scope beyond industries such as cement, sugar, salt and oil refining – all while preparing for continued advancement.
In a media tour of the Dangote Refinery conducted recently, the industrialist disclosed an ambitious target to increase his group’s revenue up to $30 billion by 2025. According to him, one critical aspect of this plan entails converting the conglomerate into Africa’s primary supplier for foreign exchange services while reducing its dependence on Nigeria’s Central Bank as a source for foreign currency procurement.
Moreover, Dangote has set a goal to decrease the group’s reliance on the Nigerian cement industry that presently accounts for 75% of its operations, to only 15%.
Anticipated to increase by 50%, the group’s EBITDA derived from foreign markets. Furthermore, it is projected that 90% of upcoming revenue will stem from hard currency due to the organization’s emphasis on global expansion and growth in exports.
Furthermore, the first delivery of Premium Motor Spirit (commonly known as petrol) will soon be made by Dangote Refinery. Boasting an impressive production capacity of 650,000 barrels per day, this refinery has been hailed as a significant step forward for Nigeria’s energy industry. Having effectively passed its testing stage with flying colors, it is predicted that this establishment will decrease the nation’s reliance on imported petroleum commodities.
