- Aliko Dangote has reemerged as the richest man in Africa, according to the latest ranking by Forbes
- This came after he was listed as the second richest black man by the Bloomberg index when Johann Rupert took the first spot
- Despite the economic challenges Dangote Group has been facing since the regime of President Tinubu, he managed to reclaim his spot
The founder and chairman of the Dangote Group, Aliko Dangote, a Nigerian businessman and industrialist, has reclaimed his position as the richest man in Africa shortly after he lost the spot.
According to Forbes on Wednesday, August 28, his net worth is now estimated to be $11.9 billion, making him the richest man in Africa and the world's 177th richest person overall.
The 67-year-old businessman made his wealth in the cement and sugar industries. He opened an oil refinery in Nigeria's economic hub, Lagos, last year.
There has been a downturn in Mr Dangote’s wealth due to Nigeria’s challenging economic environment, where his conglomerate primarily operates.
Since President Bola Tinubu assumed office, he has introduced several economic reforms in Africa’s most populous nation, including removing fuel subsidies, which have contributed to high inflation, currently over 30%. He said the reforms were necessary to cut government spending and stimulate long-term growth.
The sharp fall in the value of the naira has significantly affected Mr Dangote, whose wealth is largely tied to assets denominated in the local currency. His business empire, the Dangote Group, has also faced numerous setbacks in recent months due to production delays at its refinery and supply chain disruptions.
According to the BBC, he was listed by Forbes magazine as Africa's richest man for the 14th year in a row despite the country's economic difficulties. However, the latest Bloomberg index places him second in Africa and 159th globally.
NNPC shifts its focus to CNG, reduces interest in Dangote refinery
Meanwhile, TheRadar earlier reported that the Nigerian National Petroleum Company (NNPC) Limited confirmed it had reduced interest in Dangote Petroleum Refinery from 20% to 7.2% to invest in compressed natural gas (CNG). It said CNG is a clean and cheaper alternative energy, adding that switching to CNG will save Nigerians money.
The NNPC spokesperson, Femi Soneye, denied having any issues with the Dangote refinery while emphasising that NNPC, as a part owner, does not want it to collapse.