Dangote regains top spot from Rupert on Forbes Africa’s billionaire list

Dangote regains top spot from Rupert on Forbes Africa’s billionaire list

Bunmi Bailey 

January 8, 2024

Aliko Dangote has reclaimed his position as the richest person in Africa, according to Forbes Real-Time Billionaires.Major events that defined Tinubu’s 100 days in office

The ranking, which provides ongoing updates on the net worth and ranking of each individual confirmed to be a billionaire, showed that Dangote’s net worth improved by $10 million to $10.1 billion as of January 8, 2024.

He overtook Johann Rupert, South African luxury goods tycoon and his family. Rupert’s net worth as at January 8 was $10 billion, down from $10.7 billion as at January 30, 2023.

Dangote, who is the CEO of Dangote Group, now ranks 191st globally while Rupert and his family at 197th. The Bloomberg Billionaires Index also ranks Dangote as the richest person in Africa.Related News

According to Bloomberg, the majority of his fortune is derived from his 86 percent stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.

It said: “Dangote’s other publicly traded assets include stakes in Dangote Sugar, NASCON Allied Industries, and United Bank for Africa. His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertiliser, oil, and other industries.

“His most valuable closely held asset is a fertiliser plant with a capacity to produce up to 2.8 million tonnes of urea annually. Its net value is based on a discounted cash flow analysis by KPMG. The valuation was confirmed by outside analysts.”

His cash holdings are based on an analysis of dividends, taxes, insider transactions, and other expenditures.

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