Aliko Dangote Overtakes Johann Rupert To Be Named Richest Man In Africa

Popular Nigerian billionaire, Aliko Dangote has regained his position as the richest person in Africa.

This is according to Forbes and Bloomberg, and Nigerians have been reacting.

According to reports, Dangote dethroned South African business mogul, Johann Rupert, and he currently ranks 191st on the Forbes list, while Rupert is ranked 197th worldwide.

Bloomberg added that the majority of Dangote’s wealth is derived from his 86 percent stake in publicly traded Dangote Cement, and he also holds the shares in the company directly plus through his conglomerate, Dangote Industries.

They wrote, “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.”

WOW.