DROPPED! Aliko Dangote demoted as richest man in Africa

After struggling with Nigerian government over multibillion dollars refinery investment in Lagos, Aliko Dangote is equally battling for survival at the continental stage as South African businessman, Johann Rupert, has reclaimed the title of Africa’s richest man.

With a current net worth of $13.6 billion, the South African business mogul is two spots higher than Dangote.

The South African billionaire was in this position was at the beginning of the year, when he had a net worth of $10.3 billion to Dangote’s $9.5 billion.

South African businessman Johanna Rupert has become Africa’s richest man once more. The last time the South African billionaire was in this position was at the beginning of the year, when he had a net worth of $10.3 billion to Dangote’s $9.5 billion.

South Africa’s Johanne Rupert has inched a little higher than Aliko Dangote on Bloomberg’s Billionaire index to become the continent’s richest fellow.

With a current net worth of $13.6 billion, the South African business mogul is two spots higher than Dangote, who ironically also has a current net worth of $13.6 billion.

According to Bloomberg’s real-time billionaire index, Johanne Rupert and Family is listed as the world’s 154th richest person, while Dangote is listed in the 156th position.

Another fundamental difference between these two titans is their performances so far.

Dangote’s last change in valuation came in at +$27 million, while his year-to-date (YTD) change was a staggering -1.53 billion. For Joahnna Rupert, his last change in valuation came in at +$134 million, while his year-to-date (YTD) change was a staggering +$1.21 billion.

Perhaps this is the reason why Johanna Rupert is a few positions higher than Dangote, despite boasting the exact same net worth.

It was reported last week that Dangote, during the year leading up to July 29th, so far has lost over $1 billion of his net worth.

This is despite the fact that Dangote opened an oil refinery this year, which many expected to significantly increase Dangote’s earnings.

Since its establishment, the refinery has been plagued with difficulties, reaching the point where the Nigerian billionaire proposed to give up control of his multibillion-dollar oil refinery to Nigeria’s state-owned energy corporation NNPC.

There is also an ongoing protest in Nigeria which has stifled economic activities, perhaps leaving way for Dangote to record a marginal decline in business operations and by extension revenue.

Since July 29th and August 2nd, Dangote’s net worth according to Bloomberg has reduced slightly from $13.8 billion to its current $13.6 billion, while in the same breath, Johanne Rupert’s net worth has increased from $13.4 billion to its current $13.6 billion.