Aliko Dangote, a prominent Nigerian billionaire and the founder of Dangote Group, Africa’s most diversified manufacturing conglomerate, has reclaimed his position as Africa’s richest man, nearly two months after losing the title to South African billionaire Johann Rupert.
This recent return to the top of the continent’s richest list follows a surge in his net worth, as reported by Forbes, which increased by $100 million to reach $10.9 billion within 24 hours.
This multimillion-dollar wealth surge positioned him to surpass Johann Rupert, who experienced a significant $200-million decline in his net worth driven by the decline in shares of his luxury goods group, Richemont
On Mon., Aug. 14, Billionaires.Africa reported that the two billionaires, who had been competing for the top spot since Forbes revised its richest list due to turbulent currency fluctuations in June, had both seen their fortunes drop below $11 billion.
However, Dangote wasted no time in tallying his losses. He quickly rebounded with a remarkable $100-million increase in his fortune, elevating his wealth figures from $10.8 billion on Aug. 14 to $10.9 billion.
This repositioned him as the richest man on the continent.
In contrast, Rupert’s net worth stood at $10.7 billion at the time of drafting this report.
While the cornerstone of Dangote’s $10.9 billion wealth rests within Dangote Cement, where he holds a majority 86-percent stake, recent gains in the shares of his sugar enterprise, Dangote Sugar Refinery, and his salt and savory venture, NASCON Allied Plc, have been particularly noteworthy.
These gains can be attributed to the excitement surrounding a proposed merger of these entities with Dangote Rice Ltd., his rice business. This consolidation of businesses is projected to reshape the food and consumer goods sectors, creating new avenues for growth.
The conglomerate, set to emerge from this consolidation, will feature an expansive product line including sugar, rice, salt, vegetable oil, tomato paste, seasonings, and other savory products.